IL HB5297

Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code to cap tax levies for taxable years 2010 and 2011.

For the 2-year period of 2010-2011, municipalities must levy the lesser of: (i) the 2009 tax levy multiplied by 1.1, or (ii) the amount needed to meet annual pension fund requirements when combined with employee deductions and other revenues.

Applies the same levy cap to both police officer pension funds (Section 3-125) and firefighter pension funds (Section 4-118).

States the intent of the levy caps is to provide taxpayer relief and preserve municipal employment during the 2-year period.

Takes effect immediately upon becoming law.