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90_SB1082
30 ILCS 115/13.2 new
Amends the State Revenue Sharing Act to require the
Department of Revenue to conduct a regional tax-base sharing
study. Effective immediately.
SDS/bill0020/dgp
SDS/bill0020/dgp
1 AN ACT to amend the State Revenue Sharing Act by adding
2 Section 13.2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The State Revenue Sharing Act is amended by
6 adding Section 13.2 as follows:
7 (30 ILCS 115/13.2 new)
8 Sec. 13.2. The Department of Revenue shall conduct a
9 regional property tax-base sharing study that includes
10 counties of more than 3 million inhabitants and counties
11 adjoining counties of more than 3 million inhabitants. The
12 study shall include, but not be limited to,: a) a report of
13 the annual growth in the equalized assessed valuation (EAV)
14 of commercial and industrial property within each
15 municipality in the above mentioned counties during the last
16 ten available years; b) an analysis of what the year-to-year
17 growth in EAV of each of the above mentioned municipalities
18 would have produced for a regional sharing tax-base assuming
19 each municipality contributed 40% of the EAV growth in its
20 commercial and industrial properties each year; c) applying a
21 weighted area wide tax rate and redistributing the taxes
22 based on a per capita real property valuation and comparing
23 that to what the growth in EAV actually produced in taxes for
24 each municipality using its own tax rate and without
25 contributing 40% of its new EAV to a regional sharing
26 tax-base.
27 The Department of Revenue shall consult with all
28 interested parties and review current studies on regional
29 tax-base revenue sharing prior to making its assumptions
30 regarding the area wide tax rate and the redistribution
31 formula. The study shall be completed no later than December
-2- SDS/bill0020/dgp
1 1, 1997.
2 Section 10. This Act shall take effect upon becoming
3 law.