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IL HB1323
Bill
Status
Introduced
1/14/2025
Primary Sponsor
Dan Ugaste
Click for details
AI Summary
- Amends the Bond Authorization Act to prohibit "roll-over" of tax levies by public corporations after bond debt is paid
- Terminates a public corporation's authority to levy taxes for bond payments upon either the bond's maturity date or the discharge of the debt, whichever occurs first
- Applies to bonds and other evidences of indebtedness issued by public corporations
- Includes a savings clause protecting contracts that exist on the effective date of the legislation
- Takes effect immediately upon becoming law
Legislative Description
BOND AUTH-NO ROLLOVER
Last Action
To Tax Policy: Finance Subcommittee
2/26/2026
Committee Referrals
Tax Policy: Finance2/26/2026
Revenue & Finance2/24/2026
Rules3/21/2025
Tax Policy: Finance2/25/2025
Revenue & Finance2/11/2025
Rules1/28/2025
Full Bill Text
No bill text available