IL HB0578

Amends the Property Tax Extension Limitation Law to allow taxing districts to increase or reduce their aggregate extension base upon voter-approved referendum initiated by petition.

Requires a petition signed by at least 10% of voters from the immediately preceding gubernatorial election to trigger a referendum on modifying the aggregate extension base.

Petition must be filed with the applicable election authority or State Board of Elections 6-10 months before the election at which the question is submitted.

If a majority of voters approve the proposition, the aggregate extension base is modified as specified in the referendum for the designated levy years.

Takes effect immediately upon becoming law.