Bill Text: IL HB1365 | 2011-2012 | 97th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Truth in Taxation Law in the Property Tax Code. Provides that the Truth in Taxation Law does not apply to taxing districts that are subject to the Property Tax Extension Limitation Law.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB1365 Detail]
Download: Illinois-2011-HB1365-Introduced.html
Bill Title: Amends the Truth in Taxation Law in the Property Tax Code. Provides that the Truth in Taxation Law does not apply to taxing districts that are subject to the Property Tax Extension Limitation Law.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB1365 Detail]
Download: Illinois-2011-HB1365-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | ||||||||||||||||||||||||
5 | Section 18-55 as follows:
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6 | (35 ILCS 200/18-55)
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7 | Sec. 18-55. Short title and definitions. This Division 2 | ||||||||||||||||||||||||
8 | may be cited
as the Truth in Taxation Law. As used in this | ||||||||||||||||||||||||
9 | Division 2:
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10 | (a) "Taxing district" has the meaning specified in Section | ||||||||||||||||||||||||
11 | 1-150 and
includes home rule units, but from January 1, 2000 | ||||||||||||||||||||||||
12 | through December 31,
2002 does not include taxing districts | ||||||||||||||||||||||||
13 | that have territory in Cook County. Beginning in tax year 2011, | ||||||||||||||||||||||||
14 | "taxing district" does not include taxing districts that are | ||||||||||||||||||||||||
15 | subject to the Property Tax Extension Limitation Law.
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16 | (b) "Aggregate levy" means the annual corporate levy of the | ||||||||||||||||||||||||
17 | taxing
district and those special purpose levies which are made | ||||||||||||||||||||||||
18 | annually (other
than debt service levies and levies made for | ||||||||||||||||||||||||
19 | the purpose of paying amounts
due under public building | ||||||||||||||||||||||||
20 | commission leases).
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21 | (c) "Special purpose levies" include, but are not limited | ||||||||||||||||||||||||
22 | to, levies
made on an annual basis for contributions to pension | ||||||||||||||||||||||||
23 | plans, unemployment
and worker's compensation, or |
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1 | self-insurance.
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2 | (d) "Debt service" means levies made by any taxing district | ||||||
3 | pursuant to
home rule authority, statute, referendum, | ||||||
4 | ordinance, resolution, indenture,
agreement, or contract to | ||||||
5 | retire the principal or pay interest on bonds,
notes, | ||||||
6 | debentures or other financial instruments which evidence | ||||||
7 | indebtedness.
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8 | (Source: P.A. 91-357, eff. 7-29-99; 91-523, eff. 1-1-00.)
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