IL HB6263

Creates new offense of "theft of public funds" applicable to embezzlement, stealing, fraud, or conversion of public property belonging to the State of Illinois, local government units, or school districts, including property made under contract for these entities.

Establishes graduated felony penalties based on property value: Class 4 felony for amounts not exceeding $300; Class 2 felony for $300-$10,000; Class 1 felony for $10,000-$100,000; and Class X felony for amounts exceeding $100,000.

Defines "value" as face value, par value, market value, or cost price (wholesale or retail), whichever is greater.

Modifies existing misapplication of funds statute (Section 33E-16) to expand coverage to officers, directors, agents, or employees of state agencies and local government units, and removes language limiting application to willful misapplication of moneys.

Maintains Class 3 felony penalty for misapplication of funds by public employees and officials.