HB3226

Illinois Taxpayer Protection Act restricts bond issuance and tax extensions by local governments and school districts.

The Illinois Taxpayer Protection Act aims to prevent the renewal of bonds and limit tax extensions by local governments and school districts. It mandates a one-year wait between the end of one bond referendum and the start of another, allowing taxpayers to assess the impact of bonds on their taxes. Additionally, it requires school districts to distribute informational material to residents before proposing bond issuance or tax rate increases. This material must detail the project, estimated expenditures, bond duration, total debt service, and potential tax outcomes.