HB0688 95TH GENERAL ASSEMBLY

LRB095 03757 BDD 23786 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0688

Introduced 2/6/2007, by Rep. William Davis

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-196 new

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the extensions of certain library taxes are not limited under certain provisions of the Property Tax Extension Limitation Law to the extent that the limitation would cause the actual levied rate of the tax to fall below the minimum library rate. Defines "actual levied rate" as the rate calculated by dividing: (i) the amount that would be extended if the limitations applied; by (ii) the value of all the taxable property in the taxing district. Defines "minimum library rate" as (i) the rate set forth by the governing body of the taxing district if that rate is 0.15% or less; or (ii) 90% of the rate set forth by the governing body of the taxing district if that rate exceeds 0.15% and was approved by the voters of the taxing district. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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 18-196 as follows:

(35 ILCS 200/18-196 new)

Sec. 18-196. Limitations on extensions of library-purpose taxes.

(a) Notwithstanding any provision set forth under Section 18-195 or under any other provision of this Law, the extension of any library-purpose tax is not limited to the extent that the limitation would cause the actual levied rate to fall below the minimum library rate.

(b) For the purpose of this Section:

"Library-purpose tax" means a tax levied for library purposes under under Article 3 of the Illinois Local Library Act, under Article 35 of the Public Library District Act of 1991, or under Section 1 of the Village Library and Gymnasium Tax Act. The term "library-purpose tax", however, does not include any additional tax of 0.02% for the purchase of sites and buildings, for the construction and equipment of buildings, for the rental of buildings required for library purposes, and for maintenance, repairs and alterations of library buildings and equipment.

"Actual levied rate" means the rate calculated by dividing: (i) the amount that would be extended if the limitations under Section 18-195 applied; by (ii) the value, as equalized or assessed by the Department of Revenue, on all the taxable property in the taxing district.

"Minimum library rate" means:

(1) the rate set forth by the governing body of the taxing district if that rate is 0.15% or less; or

(2) 90% of the rate set forth by the governing body of the taxing district if that rate exceeds 0.15% and was approved by the voters of the taxing district but, in no event, less than 0.15%.

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