IL HB4996

Modifies the Property Tax Extension Limitation Law (PTELL) to set extension limitation at 0% for taxing districts that end a levy year with reserves of 50% or more of their operating budget, unless voters approve a higher rate.

Adds taxing districts with reserves of 50% or more to the definition of "taxing district" subject to PTELL beginning in levy year 2018.

Requires referendum ballot language for districts with high reserves to show the increase from 0% rather than from the standard 5%/CPI limit.

Preempts home rule units' power to tax by establishing PTELL Division 5 as a constitutional limitation under Article VII, Section 6(g) of the Illinois Constitution.

Exempts this Act from State Mandates Act reimbursement requirements.