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| 1 | AN ACT concerning revenue.
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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 State Finance Act is amended by adding | ||||||
| 5 | Sections 5.891 and 6z-107 as follows: | ||||||
| 6 | (30 ILCS 105/5.891 new) | ||||||
| 7 | Sec. 5.891. The Illinois Property Tax Relief Fund. | ||||||
| 8 | (30 ILCS 105/6z-107 new) | ||||||
| 9 | Sec. 6z-107. Illinois Property Tax Relief Fund; creation. | ||||||
| 10 | (a) Beginning in State fiscal year 2021, the Illinois | ||||||
| 11 | Property Tax Relief Fund is hereby created as a special fund in | ||||||
| 12 | the State treasury. Moneys in the Fund shall be used by the | ||||||
| 13 | State Comptroller to pay rebates to residential property | ||||||
| 14 | taxpayers in the State as provided in this Section. The Fund | ||||||
| 15 | may accept moneys from any lawful source. | ||||||
| 16 | (b) Beginning in State fiscal year 2021, within 30 days | ||||||
| 17 | after the last day of the application period for general | ||||||
| 18 | homestead exemptions in the county, each chief county | ||||||
| 19 | assessment officer shall certify to the State Comptroller the | ||||||
| 20 | total number of general homestead exemptions granted for | ||||||
| 21 | homestead property in that county for the applicable property | ||||||
| 22 | tax year. As soon as possible after receiving certifications | ||||||
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| 1 | from each county under this subsection, the State Comptroller | ||||||
| 2 | shall calculate a property tax rebate amount for the applicable | ||||||
| 3 | property tax year by dividing the total amount appropriated | ||||||
| 4 | from the Illinois Property Tax Relief Fund for the purpose of | ||||||
| 5 | making rebates under this Section by the total number of | ||||||
| 6 | homestead exemptions granted for homestead property in the | ||||||
| 7 | State. The county treasurer shall reduce each property tax bill | ||||||
| 8 | for homestead property by the property tax rebate amount and | ||||||
| 9 | shall include a separate line item on each property tax bill | ||||||
| 10 | stating the property tax rebate amount from the Illinois | ||||||
| 11 | Property Tax Relief Fund. Within 60 days after calculating the | ||||||
| 12 | property tax rebate amount, the State Comptroller shall make | ||||||
| 13 | distributions from the Illinois Property Tax Relief Fund to | ||||||
| 14 | each county. The amount allocated to each county shall be the | ||||||
| 15 | property tax rebate amount multiplied by the number of general | ||||||
| 16 | homestead exemptions granted in the county for the applicable | ||||||
| 17 | property tax year. The county treasurer shall distribute each | ||||||
| 18 | taxing district's share of property tax collections and | ||||||
| 19 | distributions from the Illinois Property Tax Relief Fund to | ||||||
| 20 | those taxing districts as provided by law. | ||||||
| 21 | (c) As used in this Section: | ||||||
| 22 | "Applicable property tax year" means the tax year for which | ||||||
| 23 | a rebate was applied to property tax bills under this Section. | ||||||
| 24 | "General homestead exemption" means a general homestead | ||||||
| 25 | exemption that was granted for the property under Section | ||||||
| 26 | 15-175 of the Property Tax Code. | ||||||
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| 1 | "Homestead property" means property that meets both of the | ||||||
| 2 | following criteria: (1) a general homestead exemption was | ||||||
| 3 | granted for the property; and (2) the property tax liability | ||||||
| 4 | for the property is current as of the date of the | ||||||
| 5 | certification. | ||||||
| 6 | Section 99. Effective date. This Act takes effect upon | ||||||
| 7 | becoming law.
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