IL HB1321

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 taxing districts to check their cash holdings at the end of each fiscal quarter to determine compliance

Mandates that any excess funds above the 150% threshold be refunded to taxpayers on a pro rata basis, calculated according to each taxpayer's share of the previous year's total levy

Takes effect immediately upon becoming law