HB5550 - 104th General Assembly (2025-2026)
TRUTH IN TAX-REVENUE RATE
Last Action
3/18/2026 - House: Assigned to Revenue & Finance Committee
Hearings
Tax Policy: Sales Tax Subcommittee Hearing Mar 26 2026 8:08AM Stratton Building Room D-1 Springfield, IL
Tax Policy: Other Taxes Subcommittee Hearing Mar 26 2026 8:07AM Stratton Building Room D-1 Springfield, IL
Tax Policy: Income Tax Subcommittee Hearing Mar 26 2026 8:06AM Stratton Building Room D-1 Springfield, IL
Tax Policy: Finance Subcommittee Hearing Mar 26 2026 8:05AM Stratton Building Room D-1 Springfield, IL
Tax Credit and Incentives Subcommittee Hearing Mar 26 2026 8:04AM Stratton Building Room D-1 Springfield, IL
Sales Tax Subcommittee Hearing Mar 26 2026 8:03AM Stratton Building Room D-1 Springfield, IL
Revenue & Finance Committee Hearing Mar 26 2026 8:00AM Stratton Building Room D-1 Springfield, IL
Property Tax Subcommittee Hearing Mar 26 2026 8:02AM Stratton Building Room D-1 Springfield, IL
Income Tax Subcommittee Hearing Mar 26 2026 8:01AM Stratton Building Room D-1 Springfield, IL
Finance Subcommittee Hearing Mar 26
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Truth in Taxation Law in the Property Tax Code. Provides that the notice and hearing requirements apply if the taxing district proposes to extend a tax rate against all taxable property in the district that exceeds the revenue neutral rate. Provides that the term "revenue neutral rate" means an aggregate tax rate for the taxing district that would generate the same amount of property tax revenue as was levied by the taxing district in the previous tax year using the current tax year's total assessed valuation of all property in the taxing district. Makes changes concerning notice provisions.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/06/2026 | House | Filed with the Clerk by Rep. Bradley Fritts |
| 2/13/2026 | House | First Reading |
| 2/13/2026 | House | Referred to Rules Committee |
| 3/18/2026 | House | Assigned to Revenue & Finance Committee |