SB0039 EnrolledLRB101 05893 HLH 50914 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The State Finance Act is amended by adding
5Sections 5.891 and 6z-107 as follows:
6 (30 ILCS 105/5.891 new)
7 Sec. 5.891. The Illinois Property Tax Relief Fund.
8 (30 ILCS 105/6z-107 new)
9 Sec. 6z-107. Illinois Property Tax Relief Fund; creation.
10 (a) Beginning in State fiscal year 2021, the Illinois
11Property Tax Relief Fund is hereby created as a special fund in
12the State treasury. Moneys in the Fund shall be used by the
13State Comptroller to pay rebates to residential property
14taxpayers in the State as provided in this Section. The Fund
15may accept moneys from any lawful source.
16 (b) Beginning in State fiscal year 2021, within 30 days
17after the last day of the application period for general
18homestead exemptions in the county, each chief county
19assessment officer shall certify to the State Comptroller the
20total number of general homestead exemptions granted for
21homestead property in that county for the applicable property
22tax year. As soon as possible after receiving certifications

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1from each county under this subsection, the State Comptroller
2shall calculate a property tax rebate amount for the applicable
3property tax year by dividing the total amount appropriated
4from the Illinois Property Tax Relief Fund for the purpose of
5making rebates under this Section by the total number of
6homestead exemptions granted for homestead property in the
7State. The county treasurer shall reduce each property tax bill
8for homestead property by the property tax rebate amount and
9shall include a separate line item on each property tax bill
10stating the property tax rebate amount from the Illinois
11Property Tax Relief Fund. Within 60 days after calculating the
12property tax rebate amount, the State Comptroller shall make
13distributions from the Illinois Property Tax Relief Fund to
14each county. The amount allocated to each county shall be the
15property tax rebate amount multiplied by the number of general
16homestead exemptions granted in the county for the applicable
17property tax year. The county treasurer shall distribute each
18taxing district's share of property tax collections and
19distributions from the Illinois Property Tax Relief Fund to
20those taxing districts as provided by law.
21 (c) As used in this Section:
22 "Applicable property tax year" means the tax year for which
23a rebate was applied to property tax bills under this Section.
24 "General homestead exemption" means a general homestead
25exemption that was granted for the property under Section
2615-175 of the Property Tax Code.

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1 "Homestead property" means property that meets both of the
2following criteria: (1) a general homestead exemption was
3granted for the property; and (2) the property tax liability
4for the property is current as of the date of the
5certification.
6 Section 99. Effective date. This Act takes effect upon
7becoming law.