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| | SB1953 Engrossed | | LRB098 05516 HLH 35551 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Sections 10-365, 10-370, and 10-380 as follows:
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| 6 | | (35 ILCS 200/10-365) |
| 7 | | Sec. 10-365. U.S. Military Public/Private Residential |
| 8 | | Developments. PPV Leases must be classified and valued as set |
| 9 | | forth in Sections 10-370 through 10-380 during the period |
| 10 | | beginning January 1, 2006 and ending January 1, 2016 with the |
| 11 | | earlier of the year 50 years after January 1, 2006 or the year |
| 12 | | in which a PPV Lease terminates.
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| 13 | | (Source: P.A. 94-974, eff. 6-30-06.)
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| 14 | | (35 ILCS 200/10-370) |
| 15 | | Sec. 10-370. Definitions. For the purposes of this Division |
| 16 | | 14: |
| 17 | | (a) "PPV Lease" means a leasehold interest in property that |
| 18 | | is exempt from taxation under Section 15-50 of this Code and |
| 19 | | that is leased, pursuant to authority set forth in Chapter 10 |
| 20 | | of the United States Code, to another whose property is not |
| 21 | | exempt for the purpose of, after January 1, 2006, the design, |
| 22 | | finance, construction, renovation, management, operation, and |
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| | SB1953 Engrossed | - 2 - | LRB098 05516 HLH 35551 b |
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| 1 | | maintenance of rental housing units and associated |
| 2 | | improvements at military training facilities, military bases, |
| 3 | | and related military support facilities in the State of |
| 4 | | Illinois. All interests enjoyed pursuant to the authority set |
| 5 | | forth in Chapter 159 or Chapter 169 of Title 10 of the United |
| 6 | | States Code are considered leaseholds for the purposes of this |
| 7 | | Division. The changes to this Section made by this amendatory |
| 8 | | Act of the 97th General Assembly apply beginning on January 1, |
| 9 | | 2006. |
| 10 | | (b) For naval training facilities, naval bases, and naval |
| 11 | | support facilities, "net "Net operating income" means all |
| 12 | | revenues received minus the lesser of (i) 62% 42% of all |
| 13 | | revenues or (ii) actual expenses before interest, taxes, |
| 14 | | depreciation, and amortization. For all other military |
| 15 | | training facilities, military bases, and related military |
| 16 | | support facilities, "net operating income" means all revenues |
| 17 | | received minus the lesser of (i) 42% of all revenues or (ii) |
| 18 | | actual expenses before interest, taxes, depreciation, and |
| 19 | | amortization. |
| 20 | | (c) "Tax load factor" means the level of assessment, as set |
| 21 | | forth under item (b) of Section 9-145 or under Section 9-150, |
| 22 | | multiplied by the cumulative tax rate for the current taxable |
| 23 | | year.
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| 24 | | (Source: P.A. 97-942, eff. 8-10-12.)
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| 25 | | (35 ILCS 200/10-380) |
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| | SB1953 Engrossed | - 3 - | LRB098 05516 HLH 35551 b |
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| 1 | | Sec. 10-380. For the taxable years 2006 through 2015 and |
| 2 | | thereafter, the chief county assessment officer in the county |
| 3 | | in which property subject to a PPV Lease is located shall apply |
| 4 | | the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of |
| 5 | | this Division 14 in assessing and determining the value of any |
| 6 | | PPV Lease for purposes of the property tax laws of this State. |
| 7 | | (Source: P.A. 97-942, eff. 8-10-12; revised 10-10-12.)
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