IL HB4776

Allows taxing districts to approve a "property tax relief abatement" for any levy year, which reduces the amount of taxes levied for that year

Requires taxing districts that approve an abatement to file a certified copy of the ordinance or resolution with the county clerk before March 1 of the following calendar year

Preserves the taxing district's aggregate extension base for future years by including the abatement amount that could have been extended under the Property Tax Extension Limitation Law (PTELL)

Prevents taxing districts from losing future taxing capacity when they voluntarily reduce property taxes in a given year