PROP TX-LOW INCOME HOUSING Senate SponsorsSen. Ann Gillespie 1/10/2023SenateSession Sine Die 35 ILCS 200/10-260Amends the Property Tax Code. Provides that, in determining the fair cash value of a low-income housing project (Section 42 properties), the assessment officer must consider the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties. Provides that the owner or owners of the low-income housing project must certify to the appropriate local assessment officer that the owner or owners qualify for the low-income housing tax credit under Section 42 of the Internal Revenue Code for the property.Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill. Makes changes concerning the valuation of low-income housing projects with 6 units or less to provide that the assessment officer, prior to finalizing and certifying assessments to the Board of Review, shall reassess the building considering the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties. Provides that the assessment provisions of the introduced bill apply during a general reassessment year or at such other time that a property is reassessed. 2/26/2021SenateFiled with Secretary by Sen. Ann Gillespie 2/26/2021SenateFirst Reading 2/26/2021SenateReferred to Assignments 3/23/2021SenateAssigned to Revenue 3/25/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Ann Gillespie 3/25/2021SenateSenate Committee Amendment No. 1 Referred to Assignments 4/7/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 4/14/2021SenateSenate Committee Amendment No. 1 Adopted 4/15/2021SenateDo Pass as Amended Revenue; 009-000-000 4/15/2021SenatePlaced on Calendar Order of 2nd Reading April 20, 2021 4/20/2021SenateSecond Reading 4/20/2021SenatePlaced on Calendar Order of 3rd Reading April 21, 2021 4/23/2021SenateRule 2-10 Third Reading Deadline Established As April 30, 2021 4/30/2021SenateRule 2-10 Third Reading Deadline Established As May 7, 2021 5/7/2021SenateRule 2-10 Committee/3rd Reading Deadline Established As May 21, 2021 5/21/2021SenateRule 3-9(a) / Re-referred to Assignments 1/10/2023SenateSession Sine Die