IL HB0195

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 calendar year in which the particular PPV lease terminates.

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

Applies the revised net operating income calculation uniformly to all military training facilities, military bases, and related military support facilities in Illinois.

Changes the assessment period in Section 10-380 from "2006 through 2015" to "2006 and thereafter" for PPV lease valuations.

Becomes effective immediately upon becoming law.