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Illinois House Bill HB2918

Illinois 2023-2024 Regular Session

Illinois House Bill HB2918 Compare Versions

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11 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2918 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED: 20 ILCS 2505/2505-810 new Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that the Department of Revenue shall reimburse eligible taxing districts for revenue loss associated with providing homestead exemptions for veterans with disabilities. Specifies that a taxing district is eligible for reimbursement if application of the homestead exemptions for veterans with disabilities results in reduction in the total equalized assessed value of all taxable property in the taxing district in which the taxing district is located of more than 2.5% for the taxable year that is 2 years before the start of the State fiscal year in which the application for reimbursement is made and the taxing district is located in whole or in part in a county that contains a United States military base. Provides that the aggregate amount of reimbursements for all taxing districts in any calendar year may not exceed $30,000,000. Sets forth the amount of the reimbursement. Effective immediately. LRB103 26789 HLH 53152 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2918 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED: 20 ILCS 2505/2505-810 new 20 ILCS 2505/2505-810 new Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that the Department of Revenue shall reimburse eligible taxing districts for revenue loss associated with providing homestead exemptions for veterans with disabilities. Specifies that a taxing district is eligible for reimbursement if application of the homestead exemptions for veterans with disabilities results in reduction in the total equalized assessed value of all taxable property in the taxing district in which the taxing district is located of more than 2.5% for the taxable year that is 2 years before the start of the State fiscal year in which the application for reimbursement is made and the taxing district is located in whole or in part in a county that contains a United States military base. Provides that the aggregate amount of reimbursements for all taxing districts in any calendar year may not exceed $30,000,000. Sets forth the amount of the reimbursement. Effective immediately. LRB103 26789 HLH 53152 b LRB103 26789 HLH 53152 b A BILL FOR
22 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2918 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED:
33 20 ILCS 2505/2505-810 new 20 ILCS 2505/2505-810 new
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55 Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that the Department of Revenue shall reimburse eligible taxing districts for revenue loss associated with providing homestead exemptions for veterans with disabilities. Specifies that a taxing district is eligible for reimbursement if application of the homestead exemptions for veterans with disabilities results in reduction in the total equalized assessed value of all taxable property in the taxing district in which the taxing district is located of more than 2.5% for the taxable year that is 2 years before the start of the State fiscal year in which the application for reimbursement is made and the taxing district is located in whole or in part in a county that contains a United States military base. Provides that the aggregate amount of reimbursements for all taxing districts in any calendar year may not exceed $30,000,000. Sets forth the amount of the reimbursement. Effective immediately.
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1111 1 AN ACT concerning revenue.
1212 2 Be it enacted by the People of the State of Illinois,
1313 3 represented in the General Assembly:
1414 4 Section 5. The Department of Revenue Law of the Civil
1515 5 Administrative Code of Illinois is amended by adding Section
1616 6 2505-810 as follows:
1717 7 (20 ILCS 2505/2505-810 new)
1818 8 Sec. 2505-810. Veterans Property Tax Relief Reimbursement
1919 9 Pilot Program.
2020 10 (a) Subject to appropriation, for State fiscal years that
2121 11 begin on or after July 1, 2023 and before July 1, 2028, the
2222 12 Department shall establish and administer a Veterans Property
2323 13 Tax Relief Reimbursement Pilot Program. For purposes of the
2424 14 Program, the Department shall reimburse eligible taxing
2525 15 districts, in an amount calculated under subsection (c), for
2626 16 revenue loss associated with providing homestead exemptions to
2727 17 veterans with disabilities. A taxing district is eligible for
2828 18 reimbursement under this Section if (i) application of the
2929 19 homestead exemptions for veterans with disabilities under
3030 20 Sections 15-165 and 15-169 of the Property Tax Code results in
3131 21 a cumulative reduction of more than 2.5% in the total
3232 22 equalized assessed value of all taxable property in the taxing
3333 23 district, when compared with the total equalized assessed
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3737 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2918 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED:
3838 20 ILCS 2505/2505-810 new 20 ILCS 2505/2505-810 new
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4040 Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that the Department of Revenue shall reimburse eligible taxing districts for revenue loss associated with providing homestead exemptions for veterans with disabilities. Specifies that a taxing district is eligible for reimbursement if application of the homestead exemptions for veterans with disabilities results in reduction in the total equalized assessed value of all taxable property in the taxing district in which the taxing district is located of more than 2.5% for the taxable year that is 2 years before the start of the State fiscal year in which the application for reimbursement is made and the taxing district is located in whole or in part in a county that contains a United States military base. Provides that the aggregate amount of reimbursements for all taxing districts in any calendar year may not exceed $30,000,000. Sets forth the amount of the reimbursement. Effective immediately.
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6868 1 value of all taxable property in the taxing district prior to
6969 2 the application of those exemptions, for the taxable year that
7070 3 is 2 years before the start of the State fiscal year in which
7171 4 the application for reimbursement is made and (ii) the taxing
7272 5 district is located in whole or in part in a county that
7373 6 contains a United States military base. Reimbursement payments
7474 7 shall be made to the county that applies to the Department of
7575 8 Revenue on behalf of the taxing district under subsection (b)
7676 9 and shall be distributed by the county to the taxing district
7777 10 as directed by the Department of Revenue.
7878 11 (b) If the county clerk determines that one or more taxing
7979 12 districts located in whole or in part in the county qualify for
8080 13 reimbursement under this Section, then the county clerk shall
8181 14 apply to the Department of Revenue on behalf of the taxing
8282 15 district for reimbursement under this Section in the form and
8383 16 manner required by the Department. The county clerk shall
8484 17 consolidate applications submitted on behalf of more than one
8585 18 taxing district into a single application. The Department of
8686 19 Revenue may audit the information submitted by the county
8787 20 clerk as part of the application under this Section for the
8888 21 purpose of verifying the accuracy of that information.
8989 22 (c) Subject to the maximum aggregate reimbursement amount
9090 23 set forth in this subsection, the amount of the reimbursement
9191 24 shall be as follows:
9292 25 (1) for reimbursements awarded for the fiscal year
9393 26 that begins on July 1, 2023, 50% of the difference
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104104 1 between: (1) 97.5% of the amount of property tax revenue
105105 2 that would have been required to be collected and
106106 3 distributed to the taxing district for taxable year 2021
107107 4 if the homestead exemptions for veterans with disabilities
108108 5 under Sections 15-165 and 15-169 of the Property Tax Code
109109 6 had not been applied; and (2) the amount of property tax
110110 7 revenue that was required to be collected and distributed
111111 8 to the taxing district for taxable year 2021 after the
112112 9 application of those exemptions; and
113113 10 (2) for reimbursements awarded for fiscal years that
114114 11 begin on or after July 1, 2024 and before July 1, 2028,
115115 12 100% of the difference between: (1) 97.5% of the amount of
116116 13 property tax revenue that would have been required to be
117117 14 collected and distributed to the taxing district for the
118118 15 taxable year that falls 2 years before the start of the
119119 16 State fiscal year if the homestead exemptions for veterans
120120 17 with disabilities under Sections 15-165 and 15-169 of the
121121 18 Property Tax Code had not been applied; and (2) the amount
122122 19 of property tax revenue that was required to be collected
123123 20 and distributed to the taxing district for that taxable
124124 21 year.
125125 22 The aggregate amount of reimbursements that may be awarded
126126 23 under this Section for all taxing districts in any calendar
127127 24 year may not exceed $30,000,000. If the total amount of
128128 25 eligible reimbursements under this Section exceeds $30,000,000
129129 26 in any calendar year, then the reimbursement amount awarded to
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140140 1 each particular taxing district shall be reduced on a pro rata
141141 2 basis until the aggregate amount of reimbursements awarded
142142 3 under this Section for the calendar year does not exceed
143143 4 $30,000,000.
144144 5 (d) The Department of Revenue may adopt rules necessary
145145 6 for the implementation of this Section.
146146 7 (e) As used in this Section:
147147 8 "Taxable year" means the calendar year during which
148148 9 property taxes payable in the next succeeding year are levied.
149149 10 "Taxing district" has the meaning given to that term in
150150 11 Section 1-150 of the Property Tax Code.
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