Bill > HB3338

This bill directs the Illinois Department of Revenue, in collaboration with the Governor's Office of Management and Budget, to conduct a comprehensive study exploring the potential elimination of the current property tax system by January 1, 2030, and examining how the lost revenue could be replaced through income tax receipts. The study aims to assess the feasibility of fundamentally restructuring Illinois' tax system by shifting from property-based taxation to an alternative revenue generation method centered on income taxes. While the bill does not mandate the actual elimination of property taxes, it represents a significant exploratory effort to understand the potential impacts, challenges, and mechanisms of such a substantial tax policy transformation. By setting a target date of 2030, the legislation provides a structured timeline for thoroughly investigating this complex fiscal policy change that could have far-reaching implications for local government funding, public services, and taxpayer obligations.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3338&GAID=18&DocTypeID=HB&SessionID=114&GA=104