Full Text of SB2432 102nd General Assembly
SB2432ham002 102ND GENERAL ASSEMBLY | Rep. Jay Hoffman Filed: 1/10/2023
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| 1 | | AMENDMENT TO SENATE BILL 2432
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2432 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Department of Revenue Law of the
Civil | 5 | | Administrative Code of Illinois is amended by adding Section | 6 | | 2505-810 as follows: | 7 | | (20 ILCS 2505/2505-810 new) | 8 | | Sec. 2505-810. Veterans Property Tax Relief Reimbursement | 9 | | Pilot Program. | 10 | | (a) For State fiscal years that begin on or after July 1, | 11 | | 2022 and before July 1, 2027, the Department shall establish | 12 | | and administer a Veterans Property Tax Relief Reimbursement | 13 | | Pilot Program. For purposes of the Program, the Department | 14 | | shall reimburse eligible taxing districts, in an amount | 15 | | calculated under subsection (c), for revenue loss associated | 16 | | with providing homestead exemptions to veterans with |
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| 1 | | disabilities. A taxing district is eligible for reimbursement | 2 | | under this Section if (i) application of the homestead | 3 | | exemptions for veterans with disabilities under Sections | 4 | | 15-165 and 15-169 of the Property Tax Code results in a | 5 | | cumulative reduction of more than 2.5% in the total equalized | 6 | | assessed value of all taxable property in the taxing district, | 7 | | when compared with the total equalized assessed value of all | 8 | | taxable property in the taxing district prior to the | 9 | | application of those exemptions, for the taxable year that is | 10 | | 2 years before the start of the State fiscal year in which the | 11 | | application for reimbursement is made and (ii) the taxing | 12 | | district is located in whole or in part in a county that | 13 | | contains a United States military base. Reimbursement payments | 14 | | shall be made to the county that applies to the Department of | 15 | | Revenue on behalf of the taxing district under subsection (b) | 16 | | and shall be distributed by the county to the taxing district | 17 | | as directed by the Department of Revenue. | 18 | | (b) If the county clerk determines that that one or more | 19 | | taxing districts located in whole or in part in the county | 20 | | qualify for reimbursement under this Section, then the county | 21 | | clerk shall apply to the Department of Revenue on behalf of the | 22 | | taxing district for reimbursement under this Section in the | 23 | | form and manner required by the Department. The county clerk | 24 | | shall consolidate applications submitted on behalf of more | 25 | | than one taxing district into a single application. The | 26 | | Department of Revenue may audit the information submitted by |
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| 1 | | the county clerk as part of the application under this Section | 2 | | for the purpose of verifying the accuracy of that information. | 3 | | (c) Subject to the maximum aggregate reimbursement amount | 4 | | set forth in this subsection, the amount of the reimbursement | 5 | | shall be as follows: | 6 | | (1) for reimbursements awarded for the fiscal year | 7 | | that begins on July 1, 2022, 50% of the difference | 8 | | between: (1) 97.5% of the amount of property tax revenue | 9 | | that would have been required to be collected and | 10 | | distributed to the taxing district for taxable year 2021 | 11 | | if the homestead exemptions for veterans with disabilities | 12 | | under Sections 15-165 and 15-169 of the Property Tax Code | 13 | | had not been applied; and (2) the amount of property tax | 14 | | revenue that was required to be collected and distributed | 15 | | to the taxing district for taxable year 2021 after the | 16 | | application of those exemptions; and | 17 | | (2) for reimbursements awarded for fiscal years that | 18 | | begin on or after July 1, 2023 and before July 1, 2027, | 19 | | 100% of the difference between: (1) 97.5% of the amount of | 20 | | property tax revenue that would have been required to be | 21 | | collected and distributed to the taxing district for the | 22 | | taxable year that falls 2 years before the start of the | 23 | | State fiscal year if the homestead exemptions for veterans | 24 | | with disabilities under Sections 15-165 and 15-169 of the | 25 | | Property Tax Code had not been applied; and (2) the amount | 26 | | of property tax revenue that was required to be collected |
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| 1 | | and distributed to the taxing district for that taxable | 2 | | year. | 3 | | The aggregate amount of reimbursements that may be awarded | 4 | | under this Section for all taxing districts in any calendar | 5 | | year may not exceed $30,000,000. If the total amount of | 6 | | eligible reimbursements under this Section exceeds $30,000,000 | 7 | | in any calendar year, then the reimbursement amount awarded to | 8 | | each particular taxing district shall be reduced on a pro rata | 9 | | basis until the aggregate amount of reimbursements awarded | 10 | | under this Section for the calendar year does not exceed | 11 | | $30,000,000. | 12 | | (d) Reimbursements under this Section shall be paid from | 13 | | the Personal Property Tax Replacement Fund. As soon as | 14 | | possible after the close of each application period set by the | 15 | | Department of Revenue for reimbursement under this Section, | 16 | | the Department of Revenue shall certify to the State | 17 | | Comptroller and the State Treasurer the amount necessary to | 18 | | pay the reimbursements provided under this Section. Upon | 19 | | receiving that certification, the Comptroller shall order | 20 | | transferred and the Treasurer shall transfer the certified | 21 | | amount from the General Revenue Fund to the Personal Property | 22 | | Tax Replacement Fund. | 23 | | (e) The Department of Revenue may adopt rules necessary | 24 | | for the implementation of this Section. | 25 | | (f) As used in this Section: | 26 | | "Taxable year" means the calendar year during which |
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| 1 | | property taxes payable in the next succeeding year are levied. | 2 | | "Taxing district" has the meaning given to that term in | 3 | | Section 1-150 of the Property Tax Code.
| 4 | | Section 99. Effective date. This Act takes effect upon | 5 | | becoming law.".
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