IL HB1619

Amends the Cemetery Care Act to define "net income" for cemetery care funds as either ordinary income (interest and dividends after fees and taxes, excluding capital gains) or total return distribution (3-5% of the average fair market value of fund assets)

Allows cemetery authorities to take distributions from care funds using either the ordinary income method or the total return distribution method, with the latter requiring Comptroller approval through a formal application process submitted at least 120 days before implementation

Authorizes trustees to establish master trust funds for collective investment and administration of cemetery care funds from multiple participating Illinois cemetery authorities, subject to Comptroller approval and specific recordkeeping requirements

Permits local municipalities, townships, counties, or cities to take over abandoned cemeteries through court order, with judicial deeds available when no party exists to convey property, and such cemeteries would be classified as municipal cemeteries

Requires the Comptroller to take corrective measures if a care fund using total return distribution declines by 10% or more between 3-year periods, by 30% during a rolling 5-year period, or falls below 80% of its initial value when the total return method began