Bill Text: IL HB5637 | 2023-2024 | 103rd General Assembly | Introduced

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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]

Download: Illinois-2023-HB5637-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5637 Introduced 2/9/2024, by Rep. Kevin John Olickal SYNOPSIS AS INTRODUCED:
New Act
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.
LRB103 38271 HLH 68406 b
A BILL FOR
HB5637 LRB103 38271 HLH 68406 b
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Funding Local Land Banks Act.
Section 5. Definition. As used in this Act:
"Land Bank" means a land bank established by a unit of
local government.
Section 10. Local Land Banks Fund. Subject to
appropriation, the Local Land Banks Fund is created as a
special fund in the State treasury. 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.