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91_HB1987enr HB1987 Enrolled LRB9103274PTpk 1 AN ACT to amend the Property Tax Code by changing Section 2 1-130 and by adding Division 11 to Article 10. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Property Tax Code is amended by changing 6 Section 1-130 and by adding Division 11 to Article 10 as 7 follows: 8 (35 ILCS 200/1-130) 9 Sec. 1-130. Property; real property; real estate; land; 10 tract; lot. The land itself, with all things contained 11 therein, and also all buildings, structures and improvements, 12 and other permanent fixtures thereon, including all oil, gas, 13 coal and other minerals in the land and the right to remove 14 oil, gas and other minerals, excluding coal, from the land, 15 and all rights and privileges belonging or pertaining 16 thereto, except where otherwise specified by this Code. 17 Included therein is any vehicle or similar portable structure 18 used or so constructed as to permit its use as a dwelling 19 place, if the structure is resting in whole on a permanent 20 foundation. Not included therein are low-income housing tax 21 credits authorized by Section 42 of the Internal Revenue 22 Code, 26 U.S.C. 42. 23 (Source: P.A. 86-1481; 87-877; 88-455.) 24 (35 ILCS 200/Art. 10, Div. 11 heading new) 25 DIVISION 11. LOW-INCOME HOUSING 26 (35 ILCS 200/10-235 new) 27 Sec. 10-235. Low-income housing. In determining the 28 fair cash value of property receiving benefits from the 29 Low-Income Housing Tax Credit authorized by Section 42 of the HB1987 Enrolled -2- LRB9103274PTpk 1 Internal Revenue Code, 26 U.S.C. 42, emphasis shall be given 2 to the income approach, except in those circumstances where 3 another method is clearly more appropriate. 4 Section 99. Effective date. This Act takes effect upon 5 becoming law.