SB 527

Abstract

Amends the Illinois Administrative Procedure Act. Makes a technical change in a Section concerning the short title. Senate Floor Amendment No. 1 Deletes reference to: 5 ILCS 100/1-1 from Ch. 127, par. 1001-1 Adds reference to: 30 ILCS 105/6z-59 35 ILCS 200/15-55 Replaces everything after the enacting clause. Amends the Property Tax Code. Provides that the amount paid to the Will County Treasurer from the Tax Recovery Fund to compensate taxing districts for the loss of revenue on real property in Will County that is owned by the State of Illinois for the purpose of developing an airport shall be based on the amount of taxes that would have been extended for the current tax year for the exempt parcel if the parcel had been owned by a person whose property is not exempt (currently, the amount of leasehold taxes extended for the 2002 property tax year). Amends the State Finance Act to provide that compensation from the Tax Recovery Fund shall continue through December 31, 2030 (currently, December 31, 2020). Effective immediately. House Floor Amendment No. 2 Makes changes to the engrossed bill to provide that the State is not required to pay compensation from the Tax Recovery Fund in excess of the lesser of (i) the Fund's balance or (ii) $600,000 in any tax year (currently, in excess of the Fund's balance).