Bill > HB4465

This bill amends the Property Tax Extension Limitation Law, which is a set of rules governing how much property tax revenue local governments can collect. Specifically, starting in levy year 2026, if a taxing district (a local government entity that can levy property taxes, like a school district or municipality) previously provided a property tax abatement (a reduction in taxes) under a specific provision of the Energy Community Reinvestment Act, and if that taxing district was already subject to the Property Tax Extension Limitation Law at the time of the abatement, then the calculation of its "aggregate extension base" will be adjusted. The "aggregate extension base" is a key figure used to determine the maximum amount of property taxes a taxing district can extend (collect) each year. The adjustment means that for future levy years, the calculation will effectively include the amount of the abatement that was previously granted. This change applies to taxing districts that contain a nuclear power plant that has been decommissioned but continued to store nuclear waste before January 1, 2021.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=4465&GAID=18&DocTypeID=HB&SessionID=114&GA=104