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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4762 Introduced 2/18/2020, by Rep. Dan Ugaste SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that no taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. Provides that excess amounts shall be refunded to taxpayers. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB4762 | | LRB101 17441 HLH 70045 b |
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| 1 | | AN ACT concerning local government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 30-32 as follows:
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| 6 | | (35 ILCS 200/30-32 new) |
| 7 | | Sec. 30-32. Limit on surplus funds. No taxing district may |
| 8 | | hold more than 150% of the previous levy year's property tax |
| 9 | | collections in cash or cash-equivalent assets. If, at the end |
| 10 | | of any fiscal quarter, the taxing district has more than that |
| 11 | | amount in cash or cash-equivalent assets, then the excess |
| 12 | | amount shall be refunded to taxpayers pro rata based on each |
| 13 | | taxpayer's percentage of the total levy for the previous year.
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| 14 | | Section 99. Effective date. This Act takes effect upon |
| 15 | | becoming law.
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