IL HB0880

Extends the deadline for transferring rental revenue from Will County airport property from the Tax Recovery Fund to the General Revenue Fund from January 1, 2021 to January 1, 2028.

Changes the basis for calculating leasehold tax compensation to taxing districts from the 2002 property tax year to the 2019 property tax year for payments made after July 1, 2019.

Requires the State to compensate taxing districts, including drainage districts, for leasehold taxes on State-owned airport property in Will County based on fair market rent calculations.

Provides that after December 31, 2027, remaining Tax Recovery Fund balance shall first compensate taxing districts for leasehold taxes, then transfer to the General Revenue Fund for debt service on State bonds for airport land acquisition.

Amends the Illinois Drainage Code to include leasehold parcels in Will County owned by the State for airport development in drainage district assessment rolls.