92nd General Assembly
Summary of HB4058
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House Sponsors:
MCAULIFFE-CAPPARELLI.

Short description: 
PEN CD-CHGO POL-TAX MULTIPLIER                                             

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Illinois Pension Code to      
   increase the  multiplier  used  to  calculate  the  maximum  allowable      
   pension tax, from 2.00 to 2.26.  Effective immediately.                     
          PENSION NOTE (Illinois Pension Laws Commission)                      
          HB 4058 would significantly increase the annual employer             
          contributions to the Fund. In FY 2000, the City of Chicago           
          made employer contributions of approximately $139.4 million,         
          using a property tax multiplier of 2.00. If a property tax           
          multiplier of 2.26 had been in effect that year, the employer        
          contributions generated by the tax levy would have totaled           
          approximately $157.5 million, an increase of $18.1 million.          
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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