104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1321 Introduced , by Rep. Dan Ugaste SYNOPSIS AS INTRODUCED: 35 ILCS 200/30-32 new Amends the Property Tax Code. Provides that no taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. Provides that excess amounts shall be refunded to taxpayers. Effective immediately. LRB104 03217 HLH 13238 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1321 Introduced , by Rep. Dan Ugaste SYNOPSIS AS INTRODUCED: 35 ILCS 200/30-32 new 35 ILCS 200/30-32 new Amends the Property Tax Code. Provides that no taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. Provides that excess amounts shall be refunded to taxpayers. Effective immediately. LRB104 03217 HLH 13238 b LRB104 03217 HLH 13238 b A BILL FOR
104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1321 Introduced , by Rep. Dan Ugaste SYNOPSIS AS INTRODUCED:
35 ILCS 200/30-32 new 35 ILCS 200/30-32 new
35 ILCS 200/30-32 new
Amends the Property Tax Code. Provides that no taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. Provides that excess amounts shall be refunded to taxpayers. Effective immediately.
LRB104 03217 HLH 13238 b LRB104 03217 HLH 13238 b
LRB104 03217 HLH 13238 b
A BILL FOR
HB1321LRB104 03217 HLH 13238 b HB1321 LRB104 03217 HLH 13238 b
HB1321 LRB104 03217 HLH 13238 b
1 AN ACT concerning local government.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by adding
5 Section 30-32 as follows:
6 (35 ILCS 200/30-32 new)
7 Sec. 30-32. Limit on surplus funds. No taxing district may
8 hold more than 150% of the previous levy year's property tax
9 collections in cash or cash-equivalent assets. If, at the end
10 of any fiscal quarter, the taxing district has more than that
11 amount in cash or cash-equivalent assets, then the excess
12 amount shall be refunded to taxpayers pro rata based on each
13 taxpayer's percentage of the total levy for the previous year.
104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1321 Introduced , by Rep. Dan Ugaste SYNOPSIS AS INTRODUCED:
35 ILCS 200/30-32 new 35 ILCS 200/30-32 new
35 ILCS 200/30-32 new
Amends the Property Tax Code. Provides that no taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. Provides that excess amounts shall be refunded to taxpayers. Effective immediately.
LRB104 03217 HLH 13238 b LRB104 03217 HLH 13238 b
LRB104 03217 HLH 13238 b
A BILL FOR
35 ILCS 200/30-32 new
LRB104 03217 HLH 13238 b
HB1321 LRB104 03217 HLH 13238 b