Bill Status of HB 4725   96th General Assembly


Short Description:  LOC GOV-TAX ANTICIPATION LOANS

House Sponsors
Rep. Michael J. Zalewski

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/5.756 new
35 ILCS 200/20-157 new

Synopsis As Introduced
Amends the Property Tax Code and the State Finance Act. Creates the Tax Anticipation Revolving Loan Fund. Provides that moneys in the Fund may be used by the Department of Revenue to make short-term loans to taxing districts that (i) are located within Cook County and (ii) are authorized to issue tax anticipation warrants. Provides that loans may be made if (i) any property tax proceeds are not distributed to the taxing district in a timely manner and (ii) as a result of the delay, it will be necessary for the taxing district to issue tax anticipation warrants. Contains provisions concerning repayment of the loans. Effective immediately.

Actions 
DateChamber Action
  12/17/2009HouseFiled with the Clerk by Rep. Michael J. Zalewski
  1/4/2010HouseFirst Reading
  1/4/2010HouseReferred to Rules Committee
  1/11/2011HouseSession Sine Die

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