PROP TX-PPV LEASES Senate SponsorsSen. Terry Link-Iris Y. Martinez and Michael E. Hastings House Sponsors(Rep. Rita Mayfield-Ed Sullivan, Jr.-David Harris-Robyn Gabel-Martin J. Moylan, Camille Y. Lilly, Carol A. Sente and Thaddeus Jones) 8/16/2013SenatePublic Act . . . . . . . . . 98-0494 35 ILCS 200/10-370Amends the Property Tax Code. In a Section concerning valuation of PPV leases, provides that the term "net income" means all revenues received minus actual expenses before interest, taxes, depreciation, and amortization (now, "net income" means all revenues received minus the lesser of (i) 42% of all revenue or (ii) actual expenses before interest, taxes, depreciation, and amortization). Effective January 1, 2014.Senate Committee Amendment No. 1 Adds reference to:35 ILCS 200/10-36535 ILCS 200/10-380Replaces everything after the enacting clause. In a Section concerning valuation of PPV leases, provides that the term "net income" means all revenues received minus the lesser of (i) 62% (instead of 42%) of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization. Provides that the provisions of the Property Tax Code concerning valuation of PPV leases apply only through taxable year 2015.Senate Floor Amendment No. 2 Provides that the provisions of Senate Amendment 1 concerning the definition of "net operating income" apply only to naval facilities. 2/15/2013SenateFiled with Secretary by Sen. Terry Link 2/15/2013SenateFirst Reading 2/15/2013SenateReferred to Assignments 3/5/2013SenateAssigned to Revenue 3/12/2013SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Terry Link 3/12/2013SenateSenate Committee Amendment No. 1 Referred to Assignments 3/13/2013SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 3/13/2013SenateSenate Committee Amendment No. 1 Adopted 3/13/2013SenateDo Pass as Amended Revenue; 010-000-000 3/13/2013SenatePlaced on Calendar Order of 2nd Reading March 14, 2013 3/19/2013SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Terry Link 3/19/2013SenateSenate Floor Amendment No. 2 Referred to Assignments 3/20/2013SenateSenate Floor Amendment No. 2 Assignments Refers to Revenue 3/20/2013SenateSenate Floor Amendment No. 2 Recommend Do Adopt Revenue; 011-000-000 4/10/2013SenateSecond Reading 4/10/2013SenateSenate Floor Amendment No. 2 Adopted; Link 4/10/2013SenatePlaced on Calendar Order of 3rd Reading April 11, 2013 4/11/2013SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez 4/12/2013SenateAdded as Co-Sponsor Sen. Michael E. Hastings 4/12/2013SenateThird Reading - Passed; 052-000-000 4/12/2013HouseArrived in House 4/12/2013HouseChief House Sponsor Rep. Ed Sullivan, Jr. 4/12/2013HouseFirst Reading 4/12/2013HouseReferred to Rules Committee 5/1/2013HouseAlternate Chief Sponsor Changed to Rep. Rita Mayfield 5/1/2013HouseAdded Alternate Chief Co-Sponsor Rep. Ed Sullivan, Jr. 5/1/2013HouseAssigned to Revenue & Finance Committee 5/2/2013HouseTo Property Tax Subcommittee 5/8/2013HouseAdded Alternate Chief Co-Sponsor Rep. David Harris 5/9/2013HouseRecommends Do Pass Subcommittee/ Revenue & Finance Committee; 005-000-000 5/9/2013HouseRemains in Revenue & Finance Committee 5/9/2013HouseDo Pass / Short Debate Revenue & Finance Committee; 010-000-000 5/9/2013HousePlaced on Calendar 2nd Reading - Short Debate 5/10/2013HouseSecond Reading - Short Debate 5/10/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/15/2013HouseAdded Alternate Chief Co-Sponsor Rep. Robyn Gabel 5/15/2013HouseAdded Alternate Chief Co-Sponsor Rep. Martin J. Moylan 5/16/2013HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly 5/20/2013HouseThird Reading - Short Debate - Passed 097-011-002 5/20/2013SenatePassed Both Houses 5/20/2013HouseAdded Alternate Co-Sponsor Rep. Carol A. Sente 5/20/2013HouseAdded Alternate Co-Sponsor Rep. Thaddeus Jones 6/18/2013SenateSent to the Governor 8/16/2013SenateGovernor Approved 8/16/2013SenateEffective Date January 1, 2014 8/16/2013SenatePublic Act . . . . . . . . . 98-0494