IL HB6022

Amends the Property Tax Code (35 ILCS 200/9-45) to allow real property used for petroleum refining to be subject to tax assessment settlement agreements if located in counties with less than 1,000,000 inhabitants and litigation is or was pending regarding assessed valuation as of January 1, 2003 or later.

Extends existing settlement agreement provisions previously limited to power generating and automotive manufacturing facilities, as well as natural gas extraction, fractionation, olefin and polymer manufacturing facilities, to now include petroleum refining operations.

Settlement agreements may cover assessment disputes for years in dispute plus up to 10 years in the future, and can include provisions for refunds, credits against taxes, and reimbursement arrangements between taxpayers and taxing districts.

Agreements must be approved by the court in which litigation is pending and do not require referendum approval or appropriation; credited amounts are not counted as indebtedness of the taxing district.

Takes effect immediately upon becoming law.