HB1354 103RD GENERAL ASSEMBLY

LRB103 05173 HLH 50188 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1354

Introduced 1/31/2023, by Rep. Dan Ugaste

SYNOPSIS AS INTRODUCED:

35 ILCS 200/30-32 new

Amends the Property Tax Code. Provides that no taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. Provides that excess amounts shall be refunded to taxpayers. Effective immediately.

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 30-32 as follows:

(35 ILCS 200/30-32 new)

Sec. 30-32. Limit on surplus funds. No taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. If, at the end of any fiscal quarter, the taxing district has more than that amount in cash or cash-equivalent assets, then the excess amount shall be refunded to taxpayers pro rata based on each taxpayer's percentage of the total levy for the previous year.

Section 99. Effective date. This Act takes effect upon becoming law.