Illinois HB1321 limits taxing districts to holding no more than 150% of the previous year's property tax collections in cash or cash-equivalent.
Illinois HB1321 amends the Property Tax Code to establish a cap on the surplus funds that taxing districts can hold. Specifically, it prohibits any taxing district from retaining more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. If a district exceeds this limit at the end of any fiscal quarter, the excess amount must be refunded to taxpayers proportionally based on their share of the total levy from the previous year. This measure takes effect immediately upon becoming law.
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