Bill > SB2898

This bill amends the Property Tax Extension Limitation Law, also known as PTELL, which limits how much property tax revenue a taxing district can collect each year. Specifically, starting in levy year 2026, if a taxing district provided a property tax abatement (a reduction in taxes) under a specific part of the Energy Community Reinvestment Act before the current year, and if that district was already subject to PTELL at the time of the abatement, then the district's aggregate extension base (the amount of property tax revenue it can extend, or levy, each year) will be calculated differently. For each year after the abatement but no earlier than 2026, the aggregate extension base will be determined as if the amount of the abatement had been included in the district's aggregate extension for the year the abatement was granted. This change applies to "qualified taxing districts," which are defined as those containing a nuclear power plant that was decommissioned but continued to store nuclear waste before January 1, 2021. The bill takes effect immediately upon becoming law.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=2898&GAID=18&DocTypeID=SB&SessionID=114&GA=104