IL HB3338

Requires the Illinois Department of Revenue, in consultation with the Governor's Office of Management and Budget, to conduct a feasibility study on eliminating the state's property tax system

Sets a target date of January 1, 2030, for the potential elimination of property taxes statewide

Mandates that the study examine how other states operate without imposing taxes on real property

Requires the study to propose either spending cuts or an increased income tax rate to replace the revenue currently generated by property taxes

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois by adding Section 2505-820