IL
Illinois House Bill HB4083

Illinois 2023-2024 Regular Session

Illinois House Bill HB4083 Compare Versions

Only one version of the bill is available at this time.
OldNewDifferences
11 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4083 Introduced , by Rep. John Egofske SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-184.25 new Amends the Property Tax Code. Provides that each taxing district shall continuously monitor its cash and cash-equivalent assets. Provides that if, on the last day of the taxing district's fiscal year, the taxing district has an amount in cash or cash-equivalent assets that is more than 5 times its average annual revenue from all sources for the 3 immediately preceding calendar years, then the taxing district shall review its property tax levy and extension with the goal of granting an abatement to its taxpayers. Provides for notification to taxpayers. LRB103 32063 HLH 61570 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4083 Introduced , by Rep. John Egofske SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-184.25 new 35 ILCS 200/18-184.25 new Amends the Property Tax Code. Provides that each taxing district shall continuously monitor its cash and cash-equivalent assets. Provides that if, on the last day of the taxing district's fiscal year, the taxing district has an amount in cash or cash-equivalent assets that is more than 5 times its average annual revenue from all sources for the 3 immediately preceding calendar years, then the taxing district shall review its property tax levy and extension with the goal of granting an abatement to its taxpayers. Provides for notification to taxpayers. LRB103 32063 HLH 61570 b LRB103 32063 HLH 61570 b A BILL FOR
22 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4083 Introduced , by Rep. John Egofske SYNOPSIS AS INTRODUCED:
33 35 ILCS 200/18-184.25 new 35 ILCS 200/18-184.25 new
44 35 ILCS 200/18-184.25 new
55 Amends the Property Tax Code. Provides that each taxing district shall continuously monitor its cash and cash-equivalent assets. Provides that if, on the last day of the taxing district's fiscal year, the taxing district has an amount in cash or cash-equivalent assets that is more than 5 times its average annual revenue from all sources for the 3 immediately preceding calendar years, then the taxing district shall review its property tax levy and extension with the goal of granting an abatement to its taxpayers. Provides for notification to taxpayers.
66 LRB103 32063 HLH 61570 b LRB103 32063 HLH 61570 b
77 LRB103 32063 HLH 61570 b
88 A BILL FOR
99 HB4083LRB103 32063 HLH 61570 b HB4083 LRB103 32063 HLH 61570 b
1010 HB4083 LRB103 32063 HLH 61570 b
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 Property Tax Code is amended by adding
1515 5 Section 18-184.25 as follows:
1616 6 (35 ILCS 200/18-184.25 new)
1717 7 Sec. 18-184.25. Cash monitoring and abatement review.
1818 8 (a) Each taxing district shall continuously monitor its
1919 9 cash and cash-equivalent assets. If, on the last day of the
2020 10 taxing district's fiscal year, the taxing district has an
2121 11 amount in cash or cash-equivalent assets that is more than 5
2222 12 times its average annual revenue from all sources, the taxing
2323 13 district shall be subject to subsection (b) of this Section.
2424 14 (b) If a taxing district meets the criteria of subsection
2525 15 (a), the taxing district shall review its property tax levy
2626 16 and extension with the goal of granting an abatement to its
2727 17 taxpayers. In addition, the taxing district shall notify its
2828 18 taxpayers that it meets the requirements of subsection (a).
2929 19 The notification shall be in substantially the following form:
3030 20 NOTICE TO TAXPAYERS: On [insert date], the [name of
3131 21 taxing body] had cash assets, or cash-equivalent assets,
3232 22 greater than or equal to 5 times the average annual
3333 23 revenue enjoyed by the [name of taxing body]. Pursuant to
3434
3535
3636
3737 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4083 Introduced , by Rep. John Egofske SYNOPSIS AS INTRODUCED:
3838 35 ILCS 200/18-184.25 new 35 ILCS 200/18-184.25 new
3939 35 ILCS 200/18-184.25 new
4040 Amends the Property Tax Code. Provides that each taxing district shall continuously monitor its cash and cash-equivalent assets. Provides that if, on the last day of the taxing district's fiscal year, the taxing district has an amount in cash or cash-equivalent assets that is more than 5 times its average annual revenue from all sources for the 3 immediately preceding calendar years, then the taxing district shall review its property tax levy and extension with the goal of granting an abatement to its taxpayers. Provides for notification to taxpayers.
4141 LRB103 32063 HLH 61570 b LRB103 32063 HLH 61570 b
4242 LRB103 32063 HLH 61570 b
4343 A BILL FOR
4444
4545
4646
4747
4848
4949 35 ILCS 200/18-184.25 new
5050
5151
5252
5353 LRB103 32063 HLH 61570 b
5454
5555
5656
5757
5858
5959
6060
6161
6262
6363 HB4083 LRB103 32063 HLH 61570 b
6464
6565
6666 HB4083- 2 -LRB103 32063 HLH 61570 b HB4083 - 2 - LRB103 32063 HLH 61570 b
6767 HB4083 - 2 - LRB103 32063 HLH 61570 b
6868 1 the requirements of State law, the [name of taxing body]
6969 2 is undergoing an internal review that will determine the
7070 3 advisability of returning some of this surplus to local
7171 4 taxpayers in the form of an abatement on the property
7272 5 taxes to be extended and completed in the next tax
7373 6 collection cycle scheduled to commence after the
7474 7 publication of this Notice. This internal review shall
7575 8 conclude on [insert date]. The result of this
7676 9 determination shall be a public record under Section 3 of
7777 10 the Local Records Act.
7878 11 The mandatory notification contained in this subsection
7979 12 (b) shall be: (1) posted on the primary website of the taxing
8080 13 district within 3 business days after the taxing district
8181 14 determines that it meets the requirements of subsection (a);
8282 15 and (2) published in at least 2 newspapers of general
8383 16 circulation within the taxing district within 30 days after
8484 17 the taxing district determines that it meets the requirements
8585 18 of subsection (a).
8686 19 (c) As used in this Section:
8787 20 "Average annual revenue from all sources" means one-third
8888 21 of the taxing district's total annual revenue collected from
8989 22 all sources during the 3 calendar years immediately preceding
9090 23 the calendar year in which the determination under subsection
9191 24 (a) is made.
9292
9393
9494
9595
9696
9797 HB4083 - 2 - LRB103 32063 HLH 61570 b