[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
| [ House Amendment 001 ] | [ Senate Amendment 001 ] |
90_HB1118ren
35 ILCS 200/23-20
35 ILCS 200/20-35 rep.
Amends the Property Tax Code. Abolishes the property
taxpayer's protest fund. Provides for interest on taxes
refunded to taxpayers. Provides that the county collector
shall pay refunds, plus the interest due on the refunds, out
of funds in his or her possession or if the collector does
not have any funds, then out of the first funds collected for
the taxing district in the following taxable year. Effective
immediately.
LRB9003239DNsb
HB1118 Re-Enrolled LRB9003239DNsb
1 AN ACT to amend the Property Tax Code by changing
2 Sections 20-35 and 23-20.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Sections 20-35 and 23-20 as follows:
7 (35 ILCS 200/20-35)
8 Sec. 20-35. Investments by county collector. The county
9 collector shall, as provided in Section 2 of the Public Funds
10 Investment Act, invest and reinvest the proceeds of the
11 lesser of any taxes paid under protest or funds withheld from
12 distribution and held in a Protest Fund, as provided in
13 Section 23-20. The investments shall be obligations of the
14 United States Government maturing not more than 91 days after
15 the date of purchase, or savings accounts, including
16 certificates of deposit, investment certificates or time
17 deposit open accounts, in banks or savings and loan
18 associations insured by the United States or other federal
19 agency. Investments made in obligations of the United States
20 Government shall be at then existing market price and in any
21 event not to exceed par plus accrued interest. The cost
22 price of the obligations and all savings accounts in banks or
23 savings and loan associations shall be considered as cash in
24 the custody of the county collector. All earnings accruing
25 on any Protest Fund investment or bank or savings and loan
26 association savings account in excess of those amounts paid
27 as interest on moneys refunded to taxpayers shall be credited
28 to and paid into the county corporate fund, except as
29 provided in Section 23-20.
30 No bank or savings and loan association shall receive
31 public funds under this Section unless it has complied with
HB1118 Re-Enrolled -2- LRB9003239DNsb
1 Section 6 of the Public Funds Investment Act.
2 After the effective date of this amendatory Act of 1997,
3 no additional funds shall be deposited into a Protest Fund,
4 other than interest on investments of funds that were
5 deposited into a Protest Fund prior to this amendatory Act of
6 1997.
7 (Source: P.A. 83-1362; 88-455.)
8 (35 ILCS 200/23-20)
9 Sec. 23-20. Effect of protested payments; refunds. No
10 protest shall prevent or be a cause of delay in the
11 distribution of tax collections to the taxing districts of
12 any taxes collected which were not paid under protest. The
13 collector shall withhold from distribution the lesser of: (a)
14 the total amount of taxes paid under protest; (b) an amount
15 equal to the average annual tax objections sustained over the
16 preceding 5 year period; or (c) 1/2% of the total taxes
17 collected. Amounts paid under protest or withheld from
18 distribution shall be deposited by the collector in interest
19 bearing accounts as provided in Section 20-35. If the final
20 order of the Property Tax Appeal Board or of a court results
21 in a refund to the taxpayer, refunds shall be made by the
22 collector from funds remaining in the Protest Fund until such
23 funds are exhausted and thereafter from the next funds
24 collected after entry of the final order until full payment
25 of the refund and interest thereon has been made. The amount
26 of the refunds shall be paid out of the Protest Fund created
27 by Section 20-35. Interest from the date of payment,
28 regardless of whether the payment was made before the
29 effective date of this amendatory Act of 1997, under protest
30 or from the date payment is due, whichever is later, to the
31 date of refund shall also be paid to the taxpayer at the rate
32 of 5% per year. If the final order of the Property Tax
33 Appeal Board or of a court results in a payment to the taxing
HB1118 Re-Enrolled -3- LRB9003239DNsb
1 districts of all or a part of the taxes paid under protest or
2 withheld, any excess interest earned on the funds withheld
3 from distribution shall be paid into the county treasury. If
4 refunds ordered by the Property Tax Appeal Board or a court
5 exceed the funds available in the Protest Fund provided in
6 Section 20-35, the refunds of principal and interest shall be
7 paid out of the first funds collected for the taxing district
8 in the following taxable year.
9 (Source: P.A. 87-17; 88-455.)
10 Section 99. Effective date. This Act takes effect upon
11 becoming law.