Rep. Jay Hoffman

Filed: 1/10/2023

 

 


 

 


 
10200SB2432ham002LRB102 16457 HLH 42570 a

1
AMENDMENT TO SENATE BILL 2432

2    AMENDMENT NO. ______. Amend Senate Bill 2432 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Department of Revenue Law of the Civil
5Administrative Code of Illinois is amended by adding Section
62505-810 as follows:
 
7    (20 ILCS 2505/2505-810 new)
8    Sec. 2505-810. Veterans Property Tax Relief Reimbursement
9Pilot Program.
10    (a) For State fiscal years that begin on or after July 1,
112022 and before July 1, 2027, the Department shall establish
12and administer a Veterans Property Tax Relief Reimbursement
13Pilot Program. For purposes of the Program, the Department
14shall reimburse eligible taxing districts, in an amount
15calculated under subsection (c), for revenue loss associated
16with providing homestead exemptions to veterans with

 

 

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1disabilities. A taxing district is eligible for reimbursement
2under this Section if (i) application of the homestead
3exemptions for veterans with disabilities under Sections
415-165 and 15-169 of the Property Tax Code results in a
5cumulative reduction of more than 2.5% in the total equalized
6assessed value of all taxable property in the taxing district,
7when compared with the total equalized assessed value of all
8taxable property in the taxing district prior to the
9application of those exemptions, for the taxable year that is
102 years before the start of the State fiscal year in which the
11application for reimbursement is made and (ii) the taxing
12district is located in whole or in part in a county that
13contains a United States military base. Reimbursement payments
14shall be made to the county that applies to the Department of
15Revenue on behalf of the taxing district under subsection (b)
16and shall be distributed by the county to the taxing district
17as directed by the Department of Revenue.
18    (b) If the county clerk determines that that one or more
19taxing districts located in whole or in part in the county
20qualify for reimbursement under this Section, then the county
21clerk shall apply to the Department of Revenue on behalf of the
22taxing district for reimbursement under this Section in the
23form and manner required by the Department. The county clerk
24shall consolidate applications submitted on behalf of more
25than one taxing district into a single application. The
26Department of Revenue may audit the information submitted by

 

 

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1the county clerk as part of the application under this Section
2for the purpose of verifying the accuracy of that information.
3    (c) Subject to the maximum aggregate reimbursement amount
4set forth in this subsection, the amount of the reimbursement
5shall be as follows:
6        (1) for reimbursements awarded for the fiscal year
7    that begins on July 1, 2022, 50% of the difference
8    between: (1) 97.5% of the amount of property tax revenue
9    that would have been required to be collected and
10    distributed to the taxing district for taxable year 2021
11    if the homestead exemptions for veterans with disabilities
12    under Sections 15-165 and 15-169 of the Property Tax Code
13    had not been applied; and (2) the amount of property tax
14    revenue that was required to be collected and distributed
15    to the taxing district for taxable year 2021 after the
16    application of those exemptions; and
17        (2) for reimbursements awarded for fiscal years that
18    begin on or after July 1, 2023 and before July 1, 2027,
19    100% of the difference between: (1) 97.5% of the amount of
20    property tax revenue that would have been required to be
21    collected and distributed to the taxing district for the
22    taxable year that falls 2 years before the start of the
23    State fiscal year if the homestead exemptions for veterans
24    with disabilities under Sections 15-165 and 15-169 of the
25    Property Tax Code had not been applied; and (2) the amount
26    of property tax revenue that was required to be collected

 

 

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1    and distributed to the taxing district for that taxable
2    year.
3    The aggregate amount of reimbursements that may be awarded
4under this Section for all taxing districts in any calendar
5year may not exceed $30,000,000. If the total amount of
6eligible reimbursements under this Section exceeds $30,000,000
7in any calendar year, then the reimbursement amount awarded to
8each particular taxing district shall be reduced on a pro rata
9basis until the aggregate amount of reimbursements awarded
10under this Section for the calendar year does not exceed
11$30,000,000.
12    (d) Reimbursements under this Section shall be paid from
13the Personal Property Tax Replacement Fund. As soon as
14possible after the close of each application period set by the
15Department of Revenue for reimbursement under this Section,
16the Department of Revenue shall certify to the State
17Comptroller and the State Treasurer the amount necessary to
18pay the reimbursements provided under this Section. Upon
19receiving that certification, the Comptroller shall order
20transferred and the Treasurer shall transfer the certified
21amount from the General Revenue Fund to the Personal Property
22Tax Replacement Fund.
23    (e) The Department of Revenue may adopt rules necessary
24for the implementation of this Section.
25    (f) As used in this Section:
26    "Taxable year" means the calendar year during which

 

 

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1property taxes payable in the next succeeding year are levied.
2    "Taxing district" has the meaning given to that term in
3Section 1-150 of the Property Tax Code.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.".