REVENUE-TECH Senate SponsorsSen. Terry Link-Emil Jones, Jr.-Jeffrey M. Schoenberg-Susan Garrett House Sponsors(Rep. Robert S. Molaro-Karen May-Eddie Washington) 6/30/2006SenatePublic Act . . . . . . . . . 94-0974 35 ILCS 200/1-55Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".Senate Floor Amendment No. 1 Deletes reference to:35 ILCS 200/1-55Adds reference to:35 ILCS 200/Art. 10 Div 14 heading new35 ILCS 200/10-365 new35 ILCS 200/10-370 new35 ILCS 200/10-375 new35 ILCS 200/10-380 new35 ILCS 200/18-16535 ILCS 200/18-185Deletes everything after the enacting clause. Amends the Property Tax Code. Sets forth procedures for calculating the value of certain leasehold estates for property that is owned by the United States and that is leased to another whose property is not exempt for the purpose of design, finance, construction, renovation, management, operation, and maintenance of rental housing units. Authorizes taxing districts to abate the property taxes for such property. In the Property Tax Extension Limitation Law in the Property Tax Code, includes within the definition of "new property", the assessed value of any real property located within the boundaries of an otherwise exempt military reservation that is intended for residential use and owned by or leased to a private corporation or other private entity. Effective immediately.Senate Floor Amendment No. 2 Makes a technical correction.House Amendment No. 1 Deletes everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: Provides that a PPV Lease is a leasehold interest in property at naval training and related naval support facilities (instead of property at, among other facilities, naval training facilities). Makes changes to the calculation of "net operating income". Provides that the capitalization rate is 7.75% (instead of 5.75%). Makes changes to the method of valuation of PPV Leases for taxable years 2006, 2007, 2008, and 2009. Provides that the PPV Leases are included within the definition of "new property" in the Property Tax Extension Limitation Law only after the final stabilization of occupancy after the new construction is complete. Makes other changes. Effective immediately. 2/18/2005SenateFiled with Secretary by Sen. Don Harmon 2/18/2005SenateChief Co-Sponsor Sen. Emil Jones, Jr. 2/18/2005SenateFirst Reading 2/18/2005SenateReferred to Rules 2/24/2005SenateAssigned to Revenue 3/10/2005SenateDo Pass Revenue; 006-003-000 3/10/2005SenatePlaced on Calendar Order of 2nd Reading March 15, 2005 3/15/2005SenateSecond Reading 3/15/2005SenatePlaced on Calendar Order of 3rd Reading March 16, 2005 4/12/2005SenatePlaced on Calendar Order of 3rd Reading ** April 13, 2005 4/15/2005SenateRule 2-10 Third Reading Deadline Extended to December 31, 2005 7/1/2005SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 11/4/2005SenateRule 2-10 Third Reading Deadline Extended to January 9, 2007 2/28/2006SenateChief Sponsor Changed to Sen. Terry Link 2/28/2006SenateApproved for Consideration Rules 2/28/2006SenatePlaced on Calendar Order of 3rd Reading March 1, 2006 2/28/2006SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Terry Link 2/28/2006SenateSenate Floor Amendment No. 1 Referred to Rules 2/28/2006SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Terry Link 2/28/2006SenateSenate Floor Amendment No. 2 Referred to Rules 2/28/2006SenateSenate Floor Amendment No. 1 Rules Refers to Revenue 3/1/2006SenateSenate Floor Amendment No. 1 Recommend Do Adopt Revenue; 006-002-001 3/2/2006SenateSenate Floor Amendment No. 2 Be Approved for Consideration Rules 3/2/2006SenateRecalled to Second Reading 3/2/2006SenateSenate Floor Amendment No. 1 Adopted; Link 3/2/2006SenateSenate Floor Amendment No. 2 Adopted; Link 3/2/2006SenatePlaced on Calendar Order of 3rd Reading 3/2/2006SenateThird Reading - Passed; 033-018-002 3/3/2006HouseArrived in House 3/3/2006HousePlaced on Calendar Order of First Reading 3/3/2006HouseChief House Sponsor Rep. Robert S. Molaro 3/3/2006HouseAdded Alternate Chief Co-Sponsor Rep. Karen May 3/3/2006HouseFirst Reading 3/3/2006HouseReferred to Rules Committee 3/15/2006HouseAdded Alternate Chief Co-Sponsor Rep. Eddie Washington 3/23/2006HouseAssigned to Revenue Committee 3/24/2006HouseFinal Action Deadline Extended-9(b) April 7, 2006 3/30/2006HouseHouse Amendment No. 1 Filed with Clerk by Revenue Committee 3/30/2006HouseHouse Amendment No. 1 Adopted in Revenue Committee; by Voice Vote 3/30/2006HouseDo Pass as Amended / Short Debate Revenue Committee; 009-001-000 3/30/2006HousePlaced on Calendar 2nd Reading - Short Debate 3/31/2006SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg 4/3/2006HouseSecond Reading - Short Debate 4/3/2006HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/4/2006HouseThird Reading - Short Debate - Passed 064-049-001 4/5/2006SenateSecretary's Desk - Concurrence House Amendment(s) 01 4/5/2006SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01-April 6, 2006 4/5/2006SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Terry Link 4/5/2006SenateHouse Amendment No. 1 Motion to Concur Referred to Rules 4/5/2006SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Revenue 4/5/2006SenateHouse Amendment No. 1 Motion To Concur Recommended Do Adopt Revenue; 010-000-000 4/6/2006SenateAdded as Chief Co-Sponsor Sen. Susan Garrett 4/6/2006SenateHouse Amendment No. 1 Senate Concurs 055-002-000 4/6/2006SenatePassed Both Houses 5/5/2006SenateSent to the Governor 6/30/2006SenateGovernor Approved 6/30/2006SenateEffective Date June 30, 2006 6/30/2006SenatePublic Act . . . . . . . . . 94-0974