35 ILCS 200/10-230
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-230.         Creation of task force; 1997 through 1999 property assessments  of certain utility property.(a) This Section establishes an Electric Utility Property Assessment  Task Force to advise the General Assembly with respect to the possible impact  of the Electric Service Customer Choice and Rate Relief Law of 1997 on the  valuation of the real property component of electric generating stations owned  by  electric utilities and, therefore, on the taxing districts in this State in  which electric generating stations are located.(b) There shall be established and appointed in accordance with this Section  an Electric Utility Property Assessment Task Force.  Such Task Force shall  be chaired by the President of the Taxpayers' Federation of Illinois, who shall  be a non-voting member of the Task Force.  The Task Force shall be composed of  10 voting members, 6 of whom shall be representatives of taxing districts in  which electric generating stations are located and 4 of whom shall be  representatives  of  electric utilities in this State, at least one of  whom shall be from an electric utility serving over 1,000,000 retail customers  in this State and at least one of whom shall be from an electric utility  serving over 500,000 but less than 1,000,000 retail customers in this State.(c) The voting members of this Task Force shall be appointed  as follows: (i) 3 of the voting members, one of whom shall be  from an electric utility, shall be appointed by  the President of the Senate; (ii)  3 of the voting members, one of whom shall be from an  electric utility, shall be appointed  by the Speaker of the House of Representatives; (iii) 2 of the voting members,  one of whom  shall be from an electric utility, shall be  appointed by the Minority Leader of the Senate; and (iv) 2 of  the voting members, one of whom shall be from an electric utility,  shall be appointed by the Minority Leader of the House of Representatives.  Such appointments shall be made within 30 days after the effective date of this  amendatory Act of 1997.  Members of the Task Force shall receive no  compensation for their services but shall be entitled to reimbursement of  reasonable expenses incurred while performing their duties.(d) The Task Force shall submit a report to the General Assembly by January  1, 1999 which shall: (i) analyze whether, and to what extent, taxing districts  throughout this State will experience significant sustained erosions of their  property tax bases and property tax revenues as a result of the restructuring  of the electric industry in this State; and (ii) make recommendations for  legislative changes to address any such impacts.(e) Beginning with the 1997 assessment year through the assessment  year of 1999,  the fair cash value of any electric power generating plant owned as of November  1, 1997, by an electric utility, as that term is defined in Section 16-102 of  the Public Utilities Act, shall be determined using original cost less  depreciation of the electric power generating plant.  When determining  original cost less depreciation, including the original cost less  depreciation of all new construction, the rate or rates of depreciation  applied shall be the same as the rate or rates in effect November  1, 1997, under the Public Utilities Act and the rules and orders of the  Illinois Commerce Commission, irrespective of any change in ownership of the  property occurring after the effective date of the provisions of the Electric  Service Customer Choice and Rate Relief Law of 1997.  Nothing in this  subsection shall be construed to affect the classification of property as real  or personal.  Determinations of original cost less depreciation for purposes of  this subsection shall be made without regard for the use of any accelerated  cost recovery method including accelerated depreciation, accelerated  amortization or other capital recovery methods, or reductions to original cost  of an electric power generating plant made as a result of the provisions of  Senate  Amendment No. 2 to House Bill  362, enacted by the 90th General Assembly.    (Source: P.A. 90-562, eff. 12-16-97.)