Bill Text: IL HB0195 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. In provisions concerning PPV leases, provides that the current method of classifying and valuing PPV leases expires on the earlier of (i) January 1, 2056 or (ii) January 1 of the calendar year in which the particular PPV lease terminates (now, January 1, 2016). Provides that, for naval training facilities, naval bases, and naval support facilities, "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 (now, all revenues received minus the lesser of (i) 62% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization). Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0195 Detail]

Download: Illinois-2015-HB0195-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB0195 Introduced , by Rep. Scott Drury SYNOPSIS AS INTRODUCED:
35 ILCS 200/10-365
35 ILCS 200/10-370
35 ILCS 200/10-380
Amends the Property Tax Code. In provisions concerning PPV leases, provides that the current method of classifying and valuing PPV leases expires on the earlier of (i) January 1, 2056 or (ii) January 1 of the calendar year in which the particular PPV lease terminates (now, January 1, 2016). Provides that, for naval training facilities, naval bases, and naval support facilities, "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 (now, all revenues received minus the lesser of (i) 62% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization). Effective immediately.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB0195 LRB099 02706 HLH 22713 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 10-365, 10-370, and 10-380 as follows:
(35 ILCS 200/10-365)
Sec. 10-365. U.S. Military Public/Private Residential
Developments. PPV Leases must be classified and valued as set
forth in Sections 10-370 through 10-380 during the period
beginning January 1, 2006 and ending on the earlier of (i)
January 1, 2056 or (ii) January 1 of the calendar year in which
the particular PPV lease terminates January 1, 2016.
(Source: P.A. 98-494, eff. 1-1-14.)
(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

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maintenance of rental housing units and associated
improvements at military training facilities, military bases,
and related military 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 For naval training facilities, naval bases, and
naval support facilities, "net operating income" means all
revenues received minus the lesser of (i) 62% of all revenues
or (ii) actual expenses before interest, taxes, depreciation,
and amortization. For all other military training facilities,
military bases, and related military support facilities, "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. 97-942, eff. 8-10-12; 98-494, eff. 1-1-14.)
(35 ILCS 200/10-380)
Sec. 10-380. For the taxable years 2006 and thereafter

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through 2015, the chief county assessment officer in the county
in which property subject to a PPV Lease is located shall apply
the provisions of Sections 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. 97-942, eff. 8-10-12; 98-463, eff. 8-16-13;
98-494, eff. 1-1-14.)
Section 99. Effective date. This Act takes effect upon
becoming law.