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
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| Public Act 097-0942 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing | ||||
Sections 10-370 and 10-380 as follows:
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(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.
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(Source: P.A. 94-974, eff. 6-30-06.)
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(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.)
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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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