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IL HB2544

Bill

Official Source

Status

Introduced

2/17/2021

Primary Sponsor

Dan Ugaste

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Amends the Property Tax Code by adding Section 30-32 to establish a limit on surplus funds held by taxing districts
  • Prohibits taxing districts from holding more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets
  • Requires excess amounts above the 150% threshold to be refunded to taxpayers at the end of any fiscal quarter on a pro rata basis according to each taxpayer's percentage of the previous year's total levy
  • Takes effect immediately upon becoming law

Legislative Description

PROP TX-TAX DISTRICT SURPLUS

Last Action

Rule 19(a) / Re-referred to Rules Committee

2/18/2022

Committee Referrals

Rules2/18/2022
Property Tax2/10/2022
Revenue & Finance2/1/2022
Rules3/27/2021
Property Tax3/18/2021
Revenue & Finance3/9/2021
Rules2/19/2021

Full Bill Text

No bill text available