HB5102 Summary

• Amends the Property Tax Extension Limitation Law (PTELL) in the Property Tax Code to exclude special purpose property tax extensions made by taxing districts for pension fund contributions from the "aggregate extension" calculation.

• Applies the exemption to any taxing district's share of amounts required to be contributed to any pension fund created under the Illinois Pension Code.

• Adds new subsections (q), (r), and (n) to the definition of "aggregate extension" across three different categories of taxing districts to specify this pension contribution exemption.

• Takes effect immediately upon becoming law.