HB4762 101ST GENERAL ASSEMBLY

LRB101 17441 HLH 70045 b

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

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 adding Section 30-32 as follows:

(35 ILCS 200/30-32 new)

Sec. 30-32. Limit on surplus funds. No taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. If, at the end of any fiscal quarter, the taxing district has more than that amount in cash or cash-equivalent assets, then the excess amount shall be refunded to taxpayers pro rata based on each taxpayer's percentage of the total levy for the previous year.

Section 99. Effective date. This Act takes effect upon becoming law.