IL HB1354

Amends the Property Tax Code by adding Section 30-32 to limit surplus funds held by taxing districts.

Prohibits any taxing district 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 on a pro rata basis according to each taxpayer's percentage of the total previous year's levy.

Directs refunds to be issued at the end of any fiscal quarter when cash or cash-equivalent assets exceed the allowable limit.

Takes effect immediately upon becoming law.