Illinois General Assembly - Bill Status for HB5637

Synopsis As Introduced
Creates the Funding Local Land Banks Act. Creates the Local Land Banks Fund as a special fund in the State treasury. Provides that moneys in the Local Land Banks Fund shall be used, subject to appropriation, for the purpose of distributing funds to land banks to allow those land banks to acquire property in the State with the goal of increasing local government property tax revenue. Provides that units of local government may establish programs providing that, for the 5 years following the sale of a property by a land bank, 50% or more of the property tax revenue attributable to that property shall be remitted to the land bank for the purpose of funding new acquisitions or sales of real property.

Actions

Date	Chamber	Action
2/9/2024	House	Filed with the Clerk by Rep. Kevin John Olickal
2/9/2024	House	First Reading
2/9/2024	House	Referred to Rules Committee
3/12/2024	House	Assigned to Revenue & Finance Committee
4/5/2024	House	Rule 19(a) / Re-referred to Rules Committee

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