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IL SB3326
Bill
Status
Failed
1/7/2025
Primary Sponsor
Steve Stadelman
Click for details
AI Summary
- Amends the Property Tax Code Section 21-300 regarding county indemnity fund requirements
- In counties with fewer than 3,000,000 inhabitants, the minimum indemnity fund amount is 0.03% of total equalized assessed valuation or $25,000, whichever is greater (reduced from $50,000 minimum)
- In counties with 3,000,000 or more inhabitants, the minimum indemnity fund amount remains 0.03% of total equalized assessed valuation or $50,000, whichever is greater
- In counties with fewer than 3,000,000 inhabitants, the maximum indemnity fund balance is capped at $1,000,000
- In counties with 3,000,000 or more inhabitants, the maximum indemnity fund balance is capped at $2,000,000
Legislative Description
PROP TX-INDEMNITY FUND
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments5/3/2024
Revenue2/20/2024
Assignments2/7/2024
Full Bill Text
No bill text available