Bill Text: IL HB4762 | 2019-2020 | 101st 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.

Sponsorship: Partisan Bill (Republican 2)

Status: (Introduced - Dead) 2021-01-11 - Added Co-Sponsor Rep. Gary Daugherty [HB4762 Detail]

Download: Illinois-2019-HB4762-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB4762 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.
LRB101 17441 HLH 70045 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB4762 LRB101 17441 HLH 70045 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.