101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4762

 

Introduced 2/18/2020, by Rep. Dan Ugaste

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/30-32 new

    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.


LRB101 17441 HLH 70045 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4762LRB101 17441 HLH 70045 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 30-32 as follows:
 
6    (35 ILCS 200/30-32 new)
7    Sec. 30-32. Limit on surplus funds. No taxing district may
8hold more than 150% of the previous levy year's property tax
9collections in cash or cash-equivalent assets. If, at the end
10of any fiscal quarter, the taxing district has more than that
11amount in cash or cash-equivalent assets, then the excess
12amount shall be refunded to taxpayers pro rata based on each
13taxpayer's percentage of the total levy for the previous year.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.