Bill > SB2854

This bill amends the Property Tax Extension Limitation Law, which governs how property taxes are calculated and extended by taxing districts. Specifically, it clarifies that special levies designated for funding a Veterans Assistance Commission, as outlined in Section 5-2006 of the Counties Code, will not be counted towards a taxing district's "aggregate extension." The "aggregate extension" refers to the total amount of property taxes a taxing district can levy annually, excluding certain special purpose levies like those for bonds or specific programs. By excluding these veteran assistance levies from the aggregate extension calculation, this bill ensures that the taxes collected for these specific veteran services do not count against the overall property tax limitation imposed by the law, potentially allowing for increased funding for veteran assistance programs without impacting other taxing district levies. This change is set to take effect for the 2027 levy year.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=2854&GAID=18&DocTypeID=SB&SessionID=114&GA=104