|
| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB3638 Introduced 2/5/2026, by Sen. Kimberly A. Lightford SYNOPSIS AS INTRODUCED:
| | | Amends the Counties Code. Provides that, if Cook County is delinquent in distributing property tax proceeds to taxing districts the proceeds of property taxes imposed by the taxing districts that Cook County is required to collect from taxpayers and distribute to the taxing districts, then Cook County shall reimburse the taxing districts for (i) the interest that the taxing districts would have earned from keeping the proceeds of property taxes in reserves and (ii) the interest that taxing districts paid on debts incurred because Cook County is delinquent in distributing property tax proceeds to taxing districts. |
| |
| | A BILL FOR |
|
|
| | SB3638 | | LRB104 20412 RTM 33874 b |
|
|
| 1 | | AN ACT concerning local government.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Counties Code is amended by adding Section |
| 5 | | 5-1195 as follows:
|
| 6 | | (55 ILCS 5/5-1195 new) |
| 7 | | Sec. 5-1195. Late property tax distribution in Cook |
| 8 | | County. |
| 9 | | (a) If Cook County is delinquent in distributing property |
| 10 | | tax proceeds to taxing districts, as defined in Section 1-150 |
| 11 | | of the Property Tax Code, the proceeds of property taxes |
| 12 | | imposed by the taxing districts that Cook County is required |
| 13 | | to collect from taxpayers and distribute to the taxing |
| 14 | | districts, then Cook County shall reimburse the taxing |
| 15 | | districts for (i) the interest that the taxing districts would |
| 16 | | have earned from keeping the proceeds of property taxes in |
| 17 | | reserves and (ii) the interest that taxing districts paid on |
| 18 | | debts incurred because Cook County is delinquent in |
| 19 | | distributing property tax proceeds to taxing districts. |
| 20 | | (b) A home rule unit may not regulate the distribution of |
| 21 | | moneys in a manner inconsistent with this Section. This |
| 22 | | Section is a limitation under subsection (i) of Section 6 of |
| 23 | | Article VII of the Illinois Constitution on the concurrent |