IL HB2975

Amends the Property Tax Extension Limitation Law to exclude pension or retirement fund contributions from the definition of "aggregate extension" for the first 5 taxable years after a taxing district first participates in a Downstate Police, Downstate Fire, or IMRF system.

Modifies referendum language for Articles 3 and 7 of the Illinois Pension Code to require that referendum questions authorizing pension or retirement fund creation also authorize levying an annual tax to fund participation in those systems.

Updates the referendum proposition language for Downstate Police (Article 3) to read: "Shall the (municipality) adopt Article 3 of the Illinois Pension Code, providing for a police pension fund and the levying of an annual tax therefor?"

Updates the referendum proposition language for IMRF (Article 7) to read: "Shall the (municipality) adopt Article 7 of the Illinois Pension Code, pertaining to participation in the Illinois Municipal Retirement Fund and the levying of an annual tax therefor?"