Illinois General Assembly - Bill Status for HB5120

Amends the State Revenue Sharing Act. Provides for an even distribution of the moneys in the Personal Property Tax Replacement Fund between currently specified entities and Countywide Personal Property Tax Distribution Funds. Amends the Property Tax Code. Provides for a distribution of the moneys collected by the county collector from holders of commercial and industrial property to Countywide Commercial and Industrial Property Tax Funds. Amends the Counties Code. Provides that each county treasurer shall create and maintain a separate Countywide Personal Property Tax Distribution Fund and Countywide Commercial and Industrial Property Tax Fund. Provides that each Fund shall serve as a distribution fund for the distribution of specified revenues on a countywide, per-pupil basis. Provides further duties of the county treasurer concerning each Fund and the allocation of moneys therein. Amends the School Code. Requires each school board to provide the county treasurer with the daily pupil attendance calculation on a monthly basis. Requires each county board to ensure compliance of the county treasurer with duties concerning the Countywide Personal Property Tax Distribution Fund and the Countywide Commercial and Industrial Property Tax Fund and the allocation of moneys therein.

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