Senate Sponsors: O'MALLEY-FARLEY-FITZGERALD AND DILLARD. House Sponsors: ZICKUS-BROSNAHAN Short description: PROP TAX HOMESTEAD IMPROVEMENT Synopsis of Bill as introduced: Amends the Property Tax Code to increase the maximum homestead improvement exemption to $45,000 beginning January 1, 1998. Amends the State Mandates Act to exempt this amendatory Act from the reimbursement requirements of the State Mandates Act. Effective immediately. FISCAL NOTE (Dept. of Revenue) SB 515 does not have a fiscal impact on this Dept. STATE MANDATES FISCAL NOTE (DCCA) SB 515 creates a "tax exemption mandate". No reimbursement is required due to a statutory provision exempting the exemption and future changes to it from the reimbursement provisions of the State Mandates Act. HOUSE AMENDMENT NO. 1. Deletes reference to: 30 ILCS 805/8.21 new 35 ILCS 200/15-180 Adds reference to: 30 ILCS 805/8.22 new 35 ILCS 200/18-165 35 ILCS 200/18-185 70 ILCS 2605/8 from Ch. 42, par. 327 Deletes everything. Amends the Property Tax Code. Provides that any taxing district, upon a majority vote of its governing authority, may order the county clerk to abate the taxes on property devoted exclusively to affordable housing for older persons. Defines "older households" as those households (i) that qualify as "housing for older persons" under the Illinois Human Rights Act and (ii) whose annual income does not exceed 80% of the area gross median income. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that for the taxes extended for the 1997 levy year, the recovered tax increment value for a non-home rule taxing district that first became subject to this Law for the 1995 levy year because a majority of its 1994 equalized assessed value was in an affected area shall be increased if a municipality terminated the designation of a redevelopment project area in 1993 by an amount equal to the 1994 equalized assessed value of each taxable piece of real property in the area over and above the initial equalized assessed value of the property. Amends the Metropolitan Water Reclamation District Act. Allows a sanitary district to deposit additional surplus funds into the Local Improvement Revolving Loan Fund. Allows the sanitary district to make loans from the Local Improvement Revolving Loan Fund to municipalities and other units of local government (now, municipalities) to rehabilitate the local sewerage systems. Amends the State Mandates Act to require implementation without reimbursement. Makes provisions severable. Last action on Bill: PUBLIC ACT.............................. 90-0568 Last action date: 98-01-23 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status