103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4587

 

Introduced 1/31/2024, by Rep. Joe C. Sosnowski

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/20-135

    Amends the Property Tax Code. Provides that interest earned on tax collection accounts may (currently, shall) be disbursed to taxing districts in the same proportionate ratio that the district shared in the distribution of principal taxes to all units of local government. Effective immediately.


LRB103 36831 HLH 66942 b

 

 

A BILL FOR

 

HB4587LRB103 36831 HLH 66942 b

1    AN ACT concerning revenue.
 
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 changing
5Section 20-135 as follows:
 
6    (35 ILCS 200/20-135)
7    Sec. 20-135. Interest on amount collected in counties of
8less than 3,000,000. All taxing districts have a vested
9interest in interest earned by the county collector on all
10collected but undistributed taxes due the taxing district. The
11county collector shall maintain an account into which all tax
12payments shall be deposited when they are available for
13investment, and from which all interest distribution shall be
14made in accordance with the provisions of this Section. Taxes
15collected in counties with a population of less than 3,000,000
16shall be invested in accordance with the provisions of Section
171 of the Public Funds Deposit Act. All interest earned on this
18account may shall be disbursed in accordance with the
19provisions of Section 20-130 to each district which is
20entitled to receive the interest in the same proportionate
21ratio that district shared in the distribution of principal
22taxes to all units of local government.
23    On or before January 31st of each year the county

 

 

HB4587- 2 -LRB103 36831 HLH 66942 b

1collector shall file with the Office of the County Clerk and
2with each taxing district which received interest during the
3last year, a report identifying each of the receiving taxing
4districts with the interest amounts paid to each for the
5entire preceding year.
6(Source: P.A. 84-1454; 88-455.)
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.