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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4587 Introduced 1/31/2024, by Rep. Joe C. Sosnowski SYNOPSIS AS INTRODUCED:
| | | Amends the Property Tax Code. Provides that interest earned on tax collection accounts may (currently, shall) be disbursed to taxing districts in the same proportionate ratio that the district shared in the distribution of principal taxes to all units of local government. Effective immediately. |
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| | A BILL FOR |
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| | HB4587 | | LRB103 36831 HLH 66942 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 20-135 as follows:
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| 6 | | (35 ILCS 200/20-135) |
| 7 | | Sec. 20-135. Interest on amount collected in counties of |
| 8 | | less than 3,000,000. All taxing districts have a vested |
| 9 | | interest in interest earned by the county collector on all |
| 10 | | collected but undistributed taxes due the taxing district. The |
| 11 | | county collector shall maintain an account into which all tax |
| 12 | | payments shall be deposited when they are available for |
| 13 | | investment, and from which all interest distribution shall be |
| 14 | | made in accordance with the provisions of this Section. Taxes |
| 15 | | collected in counties with a population of less than 3,000,000 |
| 16 | | shall be invested in accordance with the provisions of Section |
| 17 | | 1 of the Public Funds Deposit Act. All interest earned on this |
| 18 | | account may shall be disbursed in accordance with the |
| 19 | | provisions of Section 20-130 to each district which is |
| 20 | | entitled to receive the interest in the same proportionate |
| 21 | | ratio that district shared in the distribution of principal |
| 22 | | taxes to all units of local government. |
| 23 | | On or before January 31st of each year the county |