SB2123sam001 94TH GENERAL ASSEMBLY

Sen. Don Harmon

Filed: 2/8/2006

09400SB2123sam001 LRB094 12610 BDD 55725 a

AMENDMENT TO SENATE BILL 2123

AMENDMENT NO. ______. Amend Senate Bill 2123 by replacing everything after the enacting clause with the following:

"Section 5. The Property Tax Code is amended by changing Section 18-230 as follows:

(35 ILCS 200/18-230)

Sec. 18-230. Rate increase or decrease factor. When a new rate or a rate increase or decrease first effective for the current levy year has been approved by referendum, the the aggregate extension base, as adjusted in Sections 18-215 and 18-220, shall be multiplied by a rate increase (or decrease) factor. The numerator of the rate increase (or decrease) factor is the total combined rate for the funds that made up the aggregate extension for the taxing district for the prior year plus the rate increase approved or minus the rate decrease approved. The denominator of the rate increase or decrease factor is the total combined rate for the funds that made up the aggregate extension for the prior year. For those taxing districts for which a new rate or a rate increase has been approved by referendum held after December 31, 1988, and that did not increase their rate to the new maximum rate for that fund, the rate increase factor shall be adjusted for 4 levy years after the year of the referendum by a factor the numerator of which is the portion of the new or increased rate for which taxes were not extended plus the aggregate rate in effect for the levy year prior to the levy year in which the referendum was passed and the denominator of which is the aggregate rate in effect for the levy year prior to the levy year in which the referendum was passed.

(Source: P.A. 87-17; 88-455.)".