HB2429 Summary

• Amends the Property Tax Extension Limitation Law to allow taxing districts to recover unused extension authority within a 5-year window if their actual aggregate extension falls short of the maximum allowed in any levy year.

• Allows districts to pass an ordinance or resolution to recalculate their maximum aggregate extension and limiting rate as if they had used their entire allowable extension in the year they reduced their actual extension.

• Requires taxing districts to hold a public hearing under the Truth in Taxation Law before passing an ordinance or resolution to recover unused extension authority.

• Becomes effective immediately upon passage.