Bill > HB3841

This bill amends the Property Tax Extension Limitation Law to suspend the debt service extension base for park districts specifically for the 2026 levy year. In plain language, this means that for park districts, the standard calculation used to determine the maximum amount of property tax that can be levied for debt service payments will be temporarily paused for the year 2026. The debt service extension base is a complex financial mechanism that typically limits how much money a taxing district can raise through property taxes for paying principal and interest on bonds. By suspending this base for park districts in 2026, the bill provides these special districts with more flexibility in their tax levying capabilities for that specific year. This could potentially allow park districts to have more financial room to manage their debt obligations or address specific funding needs during the 2026 tax year.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3841&GAID=18&DocTypeID=HB&SessionID=114&GA=104