|
|
Public Act 094-0558
|
| HB0504 Enrolled |
LRB094 03719 BDD 33724 b |
|
|
AN ACT concerning revenue.
|
Be it enacted by the People of the State of Illinois,
|
represented in the General Assembly:
|
Section 5. The Property Tax Code is amended by changing |
Section 23-20 as follows:
|
(35 ILCS 200/23-20)
|
Sec. 23-20. Effect of protested payments; refunds. No |
protest shall
prevent or be a cause of delay in the |
distribution of
tax collections to the taxing districts of any |
taxes collected which were
not paid under protest.
If the final |
order of the Property Tax Appeal Board or of a court results
in |
a refund to the taxpayer, refunds shall be made by the |
collector from
funds
remaining in the Protest Fund until such |
funds are exhausted and
thereafter from the next funds |
collected after entry of the final order until
full payment of |
the refund and interest thereon has been made. Interest from |
the date of payment, regardless of whether the
payment was made |
before the effective date of
this
amendatory Act of 1997, or |
from the date payment is due,
whichever is
later, to the date |
of refund shall also be paid
to
the taxpayer at the annual rate |
of the lesser of (i) 5% or (ii) the percentage increase in the |
Consumer Price Index For All Urban Consumers during the |
12-month calendar year preceding the levy year for which the |
refund was made, as published by the federal Bureau of Labor |
Statistics
per year.
|
(Source: P.A. 90-556, eff. 12-12-97.)
|
Section 99. Effective date. This Act takes effect on |
January 1, 2006.
|