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90_HB1118ren 35 ILCS 200/23-20 35 ILCS 200/20-35 rep. Amends the Property Tax Code. Abolishes the property taxpayer's protest fund. Provides for interest on taxes refunded to taxpayers. Provides that the county collector shall pay refunds, plus the interest due on the refunds, out of funds in his or her possession or if the collector does not have any funds, then out of the first funds collected for the taxing district in the following taxable year. Effective immediately. LRB9003239DNsb HB1118 Re-Enrolled LRB9003239DNsb 1 AN ACT to amend the Property Tax Code by changing 2 Sections 20-35 and 23-20. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Property Tax Code is amended by changing 6 Sections 20-35 and 23-20 as follows: 7 (35 ILCS 200/20-35) 8 Sec. 20-35. Investments by county collector. The county 9 collector shall, as provided in Section 2 of the Public Funds 10 Investment Act, invest and reinvest the proceeds of the 11 lesser of any taxes paid under protest or funds withheld from 12 distribution and held in a Protest Fund, as provided in 13 Section 23-20. The investments shall be obligations of the 14 United States Government maturing not more than 91 days after 15 the date of purchase, or savings accounts, including 16 certificates of deposit, investment certificates or time 17 deposit open accounts, in banks or savings and loan 18 associations insured by the United States or other federal 19 agency. Investments made in obligations of the United States 20 Government shall be at then existing market price and in any 21 event not to exceed par plus accrued interest. The cost 22 price of the obligations and all savings accounts in banks or 23 savings and loan associations shall be considered as cash in 24 the custody of the county collector. All earnings accruing 25 on any Protest Fund investment or bank or savings and loan 26 association savings account in excess of those amounts paid 27 as interest on moneys refunded to taxpayers shall be credited 28 to and paid into the county corporate fund, except as 29 provided in Section 23-20. 30 No bank or savings and loan association shall receive 31 public funds under this Section unless it has complied with HB1118 Re-Enrolled -2- LRB9003239DNsb 1 Section 6 of the Public Funds Investment Act. 2 After the effective date of this amendatory Act of 1997, 3 no additional funds shall be deposited into a Protest Fund, 4 other than interest on investments of funds that were 5 deposited into a Protest Fund prior to this amendatory Act of 6 1997. 7 (Source: P.A. 83-1362; 88-455.) 8 (35 ILCS 200/23-20) 9 Sec. 23-20. Effect of protested payments; refunds. No 10 protest shall prevent or be a cause of delay in the 11 distribution of tax collections to the taxing districts of 12 any taxes collected which were not paid under protest.
The13 collector shall withhold from distribution the lesser of: (a)14 the total amount of taxes paid under protest; (b) an amount15 equal to the average annual tax objections sustained over the16 preceding 5 year period; or (c) 1/2% of the total taxes17 collected. Amounts paid under protest or withheld from18 distribution shall be deposited by the collector in interest19 bearing accounts as provided in Section 20-35.If the final 20 order of the Property Tax Appeal Board or of a court results 21 in a refund to the taxpayer, refunds shall be made by the 22 collector from funds remaining in the Protest Fund until such 23 funds are exhausted and thereafter from the next funds 24 collected after entry of the final order until full payment 25 of the refund and interest thereon has been made. The amount26 of the refunds shall be paid out of the Protest Fund created27 by Section 20-35.Interest from the date of payment, 28 regardless of whether the payment was made before the 29 effective date of this amendatory Act of 1997, under protest30 or from the date payment is due, whichever is later, to the 31 date of refund shall also be paid to the taxpayer at the rate 32 of 5% per year. If the final order of the Property Tax33 Appeal Board or of a court results in a payment to the taxingHB1118 Re-Enrolled -3- LRB9003239DNsb 1 districts of all or a part of the taxes paid under protest or2 withheld, any excess interest earned on the funds withheld3 from distribution shall be paid into the county treasury. If4 refunds ordered by the Property Tax Appeal Board or a court5 exceed the funds available in the Protest Fund provided in6 Section 20-35, the refunds of principal and interest shall be7 paid out of the first funds collected for the taxing district8 in the following taxable year.9 (Source: P.A. 87-17; 88-455.) 10 Section 99. Effective date. This Act takes effect upon 11 becoming law.
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