State of Illinois
91st General Assembly

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 1        AN  ACT  to amend the State Revenue Sharing Act by adding
 2    Section 13.2.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.  The  State Revenue Sharing Act is amended by
 6    adding Section 13.2 as follows:

 7        (30 ILCS 115/13.2 new)
 8        Sec. 13.2.  Regional property  tax-base  revenue  sharing
 9    study.  The  Department  of  Revenue shall conduct a regional
10    property  tax-base  revenue  sharing  study   that   includes
11    counties  of  more  than  3  million inhabitants and counties
12    adjoining counties of more than 3  million  inhabitants.  The
13    study shall include, but not be limited to:
14        (1)  A  report  of  the  annual  growth  in the equalized
15    assessed valuation  of  commercial  and  industrial  property
16    within  each  municipality in the counties during the last 10
17    available years.
18        (2)  An analysis  of  what  the  year-to-year  growth  in
19    equalized assessed valuation of each of the municipalities in
20    paragraph  (1)  would  have  produced  for a regional sharing
21    tax-base assuming each municipality contributed  40%  of  the
22    equalized  assessed  valuation  growth  in its commercial and
23    industrial properties each year.
24        (3)  Applying  a  weighted  area  wide   tax   rate   and
25    redistributing  the taxes based on a per capita real property
26    valuation and comparing that to what the growth in  equalized
27    assessed  valuation  actually  produced  in  taxes  for  each
28    municipality  using its own tax rate and without contributing
29    40% of its new equalized assessed  valuation  to  a  regional
30    sharing tax-base.
31        The   Department   of  Revenue  shall  consult  with  all
32    interested parties and review  current  studies  on  regional
                            -2-                LRB9101614PTcs
 1    tax-base  revenue  sharing  prior  to  making its assumptions
 2    regarding the area  wide  tax  rate  and  the  redistribution
 3    formula.  The study shall be completed no later than December
 4    1, 1999.

 5        Section  99.  Effective date.  This Act takes effect upon
 6    becoming law.

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