IL HB4318

Extends the expiration date for the current method of classifying and valuing PPV (Public/Private Venture) leases from January 1, 2016 to the earlier of January 1, 2056 or the date the particular PPV lease terminates.

Changes the "net operating income" calculation for naval training facilities, naval bases, and naval support facilities from 62% of revenues to 42% of revenues (or actual expenses before interest, taxes, depreciation, and amortization, whichever is lesser).

Applies the uniform 42% revenue threshold to all military training facilities, military bases, and related military support facilities rather than maintaining different rates for naval versus other military facilities.

Extends PPV lease assessment provisions to apply for taxable years 2006 and thereafter, removing the previous 2015 sunset date.

Takes effect immediately upon becoming law.