IL HB4587

Amends the Property Tax Code Section 20-135 to change interest distribution from collected taxes in counties with populations under 3,000,000.

Changes language from "shall" to "may" regarding whether interest earned on tax collection accounts must be disbursed to taxing districts.

Interest earned on collected but undistributed taxes may be disbursed to each taxing district in the same proportionate ratio that district shared in the distribution of principal taxes to all local government units.

County collectors must file an annual report by January 31st with the County Clerk and each receiving taxing district identifying the interest amounts paid to each district during the preceding year.

Effective immediately upon enactment.