Bill Text: IL SB2761 | 2011-2012 | 97th General Assembly | Chaptered


Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning notices or regulations requiring records, statements, and special reports.

Spectrum: Slight Partisan Bill (Democrat 6-2)

Status: (Passed) 2012-08-10 - Public Act . . . . . . . . . 97-0942 [SB2761 Detail]

Download: Illinois-2011-SB2761-Chaptered.html



Public Act 097-0942
SB2761 EnrolledLRB097 16255 HLH 61408 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Sections 10-370 and 10-380 as follows:
(35 ILCS 200/10-370)
Sec. 10-370. Definitions. For the purposes of this Division
14:
(a) "PPV Lease" means a leasehold interest in property that
is exempt from taxation under Section 15-50 of this Code and
that is leased, pursuant to authority set forth in Chapter 10
of the United States Code, to another whose property is not
exempt for the purpose of, after January 1, 2006, the design,
finance, construction, renovation, management, operation, and
maintenance of rental housing units and associated
improvements at military naval training facilities, military
bases, and related military naval support facilities in the
State of Illinois. All interests enjoyed pursuant to the
authority set forth in Chapter 159 or Chapter 169 of Title 10
of the United States Code are considered leaseholds for the
purposes of this Division. The changes to this Section made by
this amendatory Act of the 97th General Assembly apply
beginning on January 1, 2006.
(b) "Net operating income" means all revenues received
minus the lesser of (i) 42% of all revenues or (ii) actual
expenses before interest, taxes, depreciation, and
amortization.
(c) "Tax load factor" means the level of assessment, as set
forth under item (b) of Section 9-145 or under Section 9-150,
multiplied by the cumulative tax rate for the current taxable
year.
(Source: P.A. 94-974, eff. 6-30-06.)
(35 ILCS 200/10-380)
Sec. 10-380. For the taxable years 2006 and thereafter ,
2007, 2008, and 2009, the chief county assessment officer in
the county in which property subject to a PPV Lease is located
shall apply the provisions of 10-370(b)(i) and 10-375(c)(i) of
this Division 14 in assessing and determining the value of any
PPV Lease for purposes of the property tax laws of this State.
(Source: P.A. 94-974, eff. 6-30-06.)
Section 97. Severability. If any change made to existing
statutory law by this amendatory Act of the 97th General
Assembly, or its application to any person or circumstance, is
held invalid, then the invalidity of that provision or
application does not affect other provisions or applications of
this Act that can be given effect without the invalid provision
or application.
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