Illinois House Bill 5637

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Funding Local Land Banks Act. Creates the Local Land Banks Fund as a special fund in the State treasury. Provides that moneys in the Local Land Banks Fund shall be used, subject to appropriation, for the purpose of distributing funds to land banks to allow those land banks to acquire property in the State with the goal of increasing local government property tax revenue. Provides that units of local government may establish programs providing that, for the 5 years following the sale of a property by a land bank, 50% or more of the property tax revenue attributable to that property shall be remitted to the land bank for the purpose of funding new acquisitions or sales of real property.

LAND BANK FUND

Rep. Kevin Olickal [D]

Date	Chamber	Action
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-12	House	Assigned to Revenue & Finance Committee
2024-02-09	House	Referred to Rules Committee
2024-02-09	House	First Reading
2024-02-09	House	Filed with the Clerk by Rep. Kevin John Olickal

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5637&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5637.htm