97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1365

 

Introduced 2/9/2011, by Rep. Donald L. Moffitt

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-55

    Amends the Truth in Taxation Law in the Property Tax Code. Provides that the Truth in Taxation Law does not apply to taxing districts that are subject to the Property Tax Extension Limitation Law.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1365LRB097 05232 HLH 45282 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 18-55 as follows:
 
6    (35 ILCS 200/18-55)
7    Sec. 18-55. Short title and definitions. This Division 2
8may be cited as the Truth in Taxation Law. As used in this
9Division 2:
10    (a) "Taxing district" has the meaning specified in Section
111-150 and includes home rule units, but from January 1, 2000
12through December 31, 2002 does not include taxing districts
13that have territory in Cook County. Beginning in tax year 2011,
14"taxing district" does not include taxing districts that are
15subject to the Property Tax Extension Limitation Law.
16    (b) "Aggregate levy" means the annual corporate levy of the
17taxing district and those special purpose levies which are made
18annually (other than debt service levies and levies made for
19the purpose of paying amounts due under public building
20commission leases).
21    (c) "Special purpose levies" include, but are not limited
22to, levies made on an annual basis for contributions to pension
23plans, unemployment and worker's compensation, or

 

 

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1self-insurance.
2    (d) "Debt service" means levies made by any taxing district
3pursuant to home rule authority, statute, referendum,
4ordinance, resolution, indenture, agreement, or contract to
5retire the principal or pay interest on bonds, notes,
6debentures or other financial instruments which evidence
7indebtedness.
8(Source: P.A. 91-357, eff. 7-29-99; 91-523, eff. 1-1-00.)