PROP TX-PPV LEASES Senate SponsorsSen. Terry Link-Pamela J. Althoff House Sponsors(Rep. Rita Mayfield-Barbara Wheeler) 8/25/2017SenatePublic Act . . . . . . . . . 100-0456 35 ILCS 200/10-36535 ILCS 200/10-37035 ILCS 200/10-37535 ILCS 200/10-380Amends the Property Tax Code. Provides that the valuation procedures for PPV leases sunsets on January 1, 2056 (currently, January 1, 2016). Provides that the definition of "net operating income" is the same for naval training facilities as it is for other military training facilities. Makes changes concerning the calculation of the fair cash value of a PPV Lease. Effective immediately.Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the Property Tax Code. Provides that the valuation procedures for PPV leases sunset on January 1, 2056 (currently, January 1, 2016). Provides that those valuation procedures apply in the absence of a separate settlement agreement. Provides that, beginning with the 2017 tax year, those provisions apply only to leasehold interests in naval training facilities, naval bases, and naval support facilities (currently, all military training facilities, military bases, and related military support facilities). Provides that, for tax year 2017 and thereafter, for naval training facilities, naval bases, and naval support facilities, "net operating income" means all revenues received minus the actual expenses before interest, taxes, depreciation, and amortization (currently, the lesser of (i) 62% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization). Provides that, to determine the fair cash value of a PPV Lease, the net operating income is divided by (i) a rate of 12% (currently, 7.75%) plus (ii) the actual or most recently ascertainable tax load factor. Effective immediately.Senate Committee Amendment No. 2 Replaces everything after the enacting clause. Amends the Property Tax Code. Provides that the valuation procedures for PPV leases sunset on January 1, 2056 (currently, January 1, 2016). Provides that those valuation procedures apply in the absence of a separate settlement agreement. Provides that, for tax year 2017 and thereafter, for naval training facilities, naval bases, and naval support facilities, "net operating income" means all revenues received minus the actual expenses before interest, taxes, depreciation, and amortization (currently, the lesser of (i) 62% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization). Provides that, to determine the fair cash value of a PPV Lease, the net operating income is divided by (i) a rate of 12% (currently, 7.75%) plus (ii) the actual or most recently ascertainable tax load factor. Effective immediately.House Floor Amendment No. 1 Provides that the valuation procedures in the engrossed bill apply absent a separate settlement agreement entered into under a particular provision of the Code (in the engrossed bill, all settlement agreements). 2/9/2017SenateFiled with Secretary by Sen. Terry Link 2/9/2017SenateFirst Reading 2/9/2017SenateReferred to Assignments 2/28/2017SenateAssigned to Revenue 3/2/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Terry Link 3/2/2017SenateSenate Committee Amendment No. 1 Referred to Assignments 3/7/2017SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 3/8/2017SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Terry Link 3/8/2017SenateSenate Committee Amendment No. 2 Referred to Assignments 3/9/2017SenatePostponed - Revenue 3/9/2017SenateSenate Committee Amendment No. 1 Postponed - Revenue 3/15/2017SenateSenate Committee Amendment No. 2 Assignments Refers to Revenue 3/15/2017SenateSenate Committee Amendment No. 1 Adopted 3/15/2017SenateSenate Committee Amendment No. 2 Adopted 3/16/2017SenateDo Pass as Amended Revenue; 008-000-000 3/16/2017SenatePlaced on Calendar Order of 2nd Reading March 28, 2017 3/16/2017SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff 4/25/2017SenateSecond Reading 4/25/2017SenatePlaced on Calendar Order of 3rd Reading April 26, 2017 4/27/2017SenateThird Reading - Passed; 056-000-000 4/27/2017HouseArrived in House 4/27/2017HouseChief House Sponsor Rep. Rita Mayfield 4/27/2017HouseFirst Reading 4/27/2017HouseReferred to Rules Committee 5/9/2017HouseAssigned to Revenue & Finance Committee 5/11/2017HouseAdded Alternate Chief Co-Sponsor Rep. Barbara Wheeler 5/17/2017HouseDo Pass / Short Debate Revenue & Finance Committee; 007-000-000 5/18/2017HousePlaced on Calendar 2nd Reading - Short Debate 5/23/2017HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Rita Mayfield 5/23/2017HouseHouse Floor Amendment No. 1 Referred to Rules Committee 5/24/2017HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 003-000-000 5/24/2017HouseSecond Reading - Short Debate 5/24/2017HouseHouse Floor Amendment No. 1 Adopted 5/24/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017 5/30/2017HouseThird Reading - Short Debate - Passed 067-045-001 5/30/2017SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/30/2017SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2017 5/30/2017SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Terry Link 5/30/2017SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments 5/31/2017SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive 5/31/2017SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 016-000-000 5/31/2017SenateHouse Floor Amendment No. 1 Senate Concurs 043-008-000 5/31/2017SenateSenate Concurs 5/31/2017SenatePassed Both Houses 6/29/2017SenateSent to the Governor 8/25/2017SenateGovernor Approved 8/25/2017SenateEffective Date August 25, 2017 8/25/2017SenatePublic Act . . . . . . . . . 100-0456