IL HB2642

Amends the Property Tax Extension Limitation Law to change how the limiting rate is calculated for taxing districts that reduced their aggregate extension in prior years

Allows taxing districts to use the highest aggregate extension from any preceding levy year in which the district was subject to the Property Tax Extension Limitation Law, rather than being limited to the last 3 preceding levy years under current law

Prohibits using an aggregate extension from any levy year in which the taxing district was authorized to temporarily increase its limiting rate under Section 18-190 or its extension limitation under Section 18-205

Removes the exception that previously allowed school districts to use a different calculation method when they reduced extensions for educational purposes under Section 18-206