95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0688


 
Introduced 2/6/2007, by Rep. William Davis
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/18-196 new










    Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the extensions of certain library taxes are not limited under certain provisions of the Property Tax Extension Limitation Law  to the extent that the limitation would cause the actual levied rate of the tax to fall below the minimum library rate. Defines "actual levied rate" as the rate calculated by dividing: (i) the amount that would be extended if the limitations applied; by (ii) the value of all the taxable property in the taxing district. Defines "minimum library rate" as (i) the rate set forth by the governing body of the taxing district if that rate is 0.15% or less; or (ii) 90% of the rate set forth by the governing body of the taxing district if that rate exceeds 0.15% and was approved by the voters of the taxing district. Effective immediately.
















LRB095 03757 BDD 23786 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0688

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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Property Tax Code is amended by adding 
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Section 18-196 as follows:

 
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    (35 ILCS 200/18-196  new)
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    Sec. 18-196. Limitations on extensions of library-purpose 
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taxes.
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    (a) Notwithstanding any provision set forth under Section 
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18-195 or under any other provision of this Law, the extension 
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of any library-purpose tax is not limited to the extent that 
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the limitation would cause the actual levied rate to fall below 
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the minimum library rate.
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    (b) For the purpose of this Section:
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    "Library-purpose tax" means  a tax levied for library 
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purposes under under Article 3 of the Illinois Local Library 
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Act, under Article 35 of the Public Library District Act of 
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1991, or under Section 1 of the Village Library and Gymnasium 
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Tax Act. The term "library-purpose tax", however, does not 
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include any additional tax of 0.02% for the purchase of sites 
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and buildings, for the construction and equipment of buildings, 
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for the rental of buildings required for library purposes, and 
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for maintenance, repairs and alterations of library buildings 
 


 






HB0688
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and equipment.

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    "Actual levied rate" means the rate calculated by dividing: 
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(i) the amount that would be extended if the limitations under 
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Section 18-195 applied; by (ii) the value, as equalized or 
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assessed by the Department of Revenue, on all the taxable 
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property in the taxing district.
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    "Minimum library rate" means:
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        (1) the rate set forth by the governing body of the 
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    taxing district if that rate is 0.15% or less; or
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        (2) 90% of the rate set forth by the governing body of 
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    the taxing district if that rate exceeds 0.15% and was 
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    approved by the voters of the taxing district but, in no 
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    event, less than 0.15%.

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.