Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB5637 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB5637

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB5637 currently on file.

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