Bill Text: IL HB4587 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that interest earned on tax collection accounts may (currently, shall) be disbursed to taxing districts in the same proportionate ratio that the district shared in the distribution of principal taxes to all units of local government. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB4587 Detail]

Download: Illinois-2023-HB4587-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4587 Introduced , by Rep. Joe C. Sosnowski SYNOPSIS AS INTRODUCED:
35 ILCS 200/20-135
Amends the Property Tax Code. Provides that interest earned on tax collection accounts may (currently, shall) be disbursed to taxing districts in the same proportionate ratio that the district shared in the distribution of principal taxes to all units of local government. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 20-135 as follows:
(35 ILCS 200/20-135)
Sec. 20-135. Interest on amount collected in counties of
less than 3,000,000. All taxing districts have a vested
interest in interest earned by the county collector on all
collected but undistributed taxes due the taxing district. The
county collector shall maintain an account into which all tax
payments shall be deposited when they are available for
investment, and from which all interest distribution shall be
made in accordance with the provisions of this Section. Taxes
collected in counties with a population of less than 3,000,000
shall be invested in accordance with the provisions of Section
1 of the Public Funds Deposit Act. All interest earned on this
account may shall be disbursed in accordance with the
provisions of Section 20-130 to each district which is
entitled to receive the interest in the same proportionate
ratio that district shared in the distribution of principal
taxes to all units of local government.
On or before January 31st of each year the county

HB4587 - 2 - LRB103 36831 HLH 66942 b
collector shall file with the Office of the County Clerk and
with each taxing district which received interest during the
last year, a report identifying each of the receiving taxing
districts with the interest amounts paid to each for the
entire preceding year.
(Source: P.A. 84-1454; 88-455.)