Bill > SB2660

This bill amends the Property Tax Extension Limitation Law to provide a special provision for non-home rule municipalities regarding pension fund contributions. Specifically, the bill allows a non-home rule municipality to make a special purpose extension for mandatory contributions to either a police pension fund (under Article 3 of the Illinois Pension Code) or a firefighters' pension fund (under Article 4 of the Illinois Pension Code) without that extension being considered part of the municipality's aggregate extension, but only for the first year the levy is ever imposed. In subsequent years, the levy will be included in the municipality's aggregate extension base. The bill also clarifies that certain levies authorized by specific sections of the Illinois Pension Code (specifically Sections 3-125 and 4-118) are not considered "new rates" for the purposes of property tax extensions. This change provides some financial flexibility for smaller municipalities in managing their pension fund contributions while maintaining overall property tax extension limitations.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2660&GAID=18&DocTypeID=SB&SessionID=114&GA=104