IL HB1557

Amends the Property Tax Extension Limitation Law (PTELL) to allow taxing districts affected by a tornado disaster to suspend the law's applicability for up to 5 years by ordinance.

Permits a taxing district's governing body to modify the suspension duration at any time during the suspension period, provided it does not exceed 5 years from the tornado disaster.

Defines "tornado disaster" as widespread or severe property damage caused by one or more tornadoes resulting in a disaster proclamation by the Governor or President of the United States.

For the first levy year after suspension expires, sets the district's aggregate extension base as the greater of: (i) the previous levy year's aggregate extension with adjustments, or (ii) the aggregate extension from the disaster year with adjustments.

Takes effect immediately upon becoming law.