Bill Text: IL HB2544 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB2544 Detail]

Download: Illinois-2021-HB2544-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB2544 Introduced , 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.
LRB102 10710 HLH 16039 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB2544 LRB102 10710 HLH 16039 b
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.