[ Back ] [ Bottom ]
91_SB0093
LRB9101614PTcs
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. Regional property tax-base revenue sharing
9 study. The Department of Revenue shall conduct a regional
10 property tax-base revenue sharing study that includes
11 counties of more than 3 million inhabitants and counties
12 adjoining counties of more than 3 million inhabitants. The
13 study shall include, but not be limited to:
14 (1) A report of the annual growth in the equalized
15 assessed valuation of commercial and industrial property
16 within each municipality in the counties during the last 10
17 available years.
18 (2) An analysis of what the year-to-year growth in
19 equalized assessed valuation of each of the municipalities in
20 paragraph (1) would have produced for a regional sharing
21 tax-base assuming each municipality contributed 40% of the
22 equalized assessed valuation growth in its commercial and
23 industrial properties each year.
24 (3) Applying a weighted area wide tax rate and
25 redistributing the taxes based on a per capita real property
26 valuation and comparing that to what the growth in equalized
27 assessed valuation actually produced in taxes for each
28 municipality using its own tax rate and without contributing
29 40% of its new equalized assessed valuation to a regional
30 sharing tax-base.
31 The Department of Revenue shall consult with all
32 interested parties and review current studies on regional
-2- LRB9101614PTcs
1 tax-base revenue sharing prior to making its assumptions
2 regarding the area wide tax rate and the redistribution
3 formula. The study shall be completed no later than December
4 1, 1999.
5 Section 99. Effective date. This Act takes effect upon
6 becoming law.
[ Top ]