IL SB3463

Amends the Property Tax Code Section 10-720 to clarify that valuation procedures for commercial solar energy systems apply regardless of whether the owner of the system is also the owner or occupant of the property where it is located.

Defines "commercial solar energy system" as ground-installed solar devices generating electricity for wholesale or retail sale, not primarily for consumption by the property's owner or occupant.

Establishes commercial solar energy system real property cost basis at $218,000 per megawatt of nameplate capacity, adjusted annually using the Consumer Price Index trending factor.

Sets physical depreciation allowance based on actual age divided by 25 years, multiplied by trended real property cost basis, but not reducing the system's value below 30% of its trended cost basis.