IL SB0527

Extends the Tax Recovery Fund deadline from December 31, 2020 to December 31, 2030 for collecting rental income from State-owned land held for airport development in Will County

Changes compensation to taxing districts from "leasehold taxes" to "loss of revenue" and updates the calculation method for tax years 2019-2030 to reflect what taxes would have been if parcels were privately owned

Caps annual State compensation payments to taxing districts at the lesser of the Tax Recovery Fund balance or $600,000 per tax year

Requires the Will County Supervisor of Assessments to annually certify compensation amounts to the Department of Transportation, which must pay the Will County Treasurer by July 1 each year

After December 31, 2030, rental income from the airport development property will go to the General Revenue Fund instead of the Tax Recovery Fund, with remaining balance used first to compensate taxing districts for the 2030 tax year