Public Act 90-0556 of the 90th General Assembly
Public Act 90-0556
HB1118 Re-Enrolled LRB9003239DNsb
AN ACT to amend the Property Tax Code by changing
Sections 20-35 and 23-20.
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 changing
Sections 20-35 and 23-20 as follows:
(35 ILCS 200/20-35)
Sec. 20-35. Investments by county collector. The county
collector shall, as provided in Section 2 of the Public Funds
Investment Act, invest and reinvest the proceeds of the
lesser of any taxes paid under protest or funds withheld from
distribution and held in a Protest Fund, as provided in
Section 23-20. The investments shall be obligations of the
United States Government maturing not more than 91 days after
the date of purchase, or savings accounts, including
certificates of deposit, investment certificates or time
deposit open accounts, in banks or savings and loan
associations insured by the United States or other federal
agency. Investments made in obligations of the United States
Government shall be at then existing market price and in any
event not to exceed par plus accrued interest. The cost
price of the obligations and all savings accounts in banks or
savings and loan associations shall be considered as cash in
the custody of the county collector. All earnings accruing
on any Protest Fund investment or bank or savings and loan
association savings account in excess of those amounts paid
as interest on moneys refunded to taxpayers shall be credited
to and paid into the county corporate fund, except as
provided in Section 23-20.
No bank or savings and loan association shall receive
public funds under this Section unless it has complied with
Section 6 of the Public Funds Investment Act.
After the effective date of this amendatory Act of 1997,
no additional funds shall be deposited into a Protest Fund,
other than interest on investments of funds that were
deposited into a Protest Fund prior to this amendatory Act of
1997.
(Source: P.A. 83-1362; 88-455.)
(35 ILCS 200/23-20)
Sec. 23-20. Effect of protested payments; refunds. No
protest shall prevent or be a cause of delay in the
distribution of tax collections to the taxing districts of
any taxes collected which were not paid under protest. The
collector shall withhold from distribution the lesser of: (a)
the total amount of taxes paid under protest; (b) an amount
equal to the average annual tax objections sustained over the
preceding 5 year period; or (c) 1/2% of the total taxes
collected. Amounts paid under protest or withheld from
distribution shall be deposited by the collector in interest
bearing accounts as provided in Section 20-35. If the final
order of the Property Tax Appeal Board or of a court results
in a refund to the taxpayer, refunds shall be made by the
collector from funds remaining in the Protest Fund until such
funds are exhausted and thereafter from the next funds
collected after entry of the final order until full payment
of the refund and interest thereon has been made. The amount
of the refunds shall be paid out of the Protest Fund created
by Section 20-35. Interest from the date of payment,
regardless of whether the payment was made before the
effective date of this amendatory Act of 1997, under protest
or from the date payment is due, whichever is later, to the
date of refund shall also be paid to the taxpayer at the rate
of 5% per year. If the final order of the Property Tax
Appeal Board or of a court results in a payment to the taxing
districts of all or a part of the taxes paid under protest or
withheld, any excess interest earned on the funds withheld
from distribution shall be paid into the county treasury. If
refunds ordered by the Property Tax Appeal Board or a court
exceed the funds available in the Protest Fund provided in
Section 20-35, the refunds of principal and interest shall be
paid out of the first funds collected for the taxing district
in the following taxable year.
(Source: P.A. 87-17; 88-455.)
Section 99. Effective date. This Act takes effect upon
becoming law.