PTELL-LIMITING RATE House SponsorsRep. Mark L. Walker and Suzanne Ness 1/10/2023HouseSession Sine Die 35 ILCS 200/18-18565 ILCS 5/11-74.4-3from Ch. 24, par. 11-74.4-365 ILCS 5/11-74.4-3.565 ILCS 5/11-74.4-5from Ch. 24, par. 11-74.4-565 ILCS 5/11-74.4-7from Ch. 24, par. 11-74.4-7 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for levy year 2022 and thereafter, the limiting rate shall include 50% of the value of new property (currently, 100% of the value of new property is excluded). Makes changes to the definition of "aggregate extension base". Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Adds two factors to the determination of a "blighted area" for improved, industrial, commercial, and residential buildings or improvements related to poverty and unemployment. Removes or modifies various factors from the definitions of "blighted area" and "conservation area" for improved and vacant areas. Provides that a new redevelopment project shall have a completion date no later than December 31st of the 10th year after the ordinance was adopted (rather than the 23rd year) and may be extended to 15 years (rather than 35 years). Provides that the joint review board and municipality shall approve surplus funds and extensions of redevelopment project area completion dates. Provides that surplus funds shall be distributed annually within 90 days (currently, 180 days) after the close of a municipality's fiscal year. Provides that a new or modified redevelopment project area that overlaps with any existing redevelopment project area shall not be approved. Effective immediately, except that provisions amending the Illinois Municipal Code take effect on January 1, 2022. 2/17/2021HouseFiled with the Clerk by Rep. Mark L. Walker 2/19/2021HouseFirst Reading 2/19/2021HouseReferred to Rules Committee 3/9/2021HouseAssigned to Revenue & Finance Committee 3/18/2021HouseTo Property Tax Subcommittee 3/27/2021HouseRule 19(a) / Re-referred to Rules Committee 1/5/2022HouseAssigned to Revenue & Finance Committee 1/13/2022HouseAdded Co-Sponsor Rep. Suzanne Ness 1/27/2022HouseTo Property Tax Subcommittee 2/18/2022HouseRule 19(a) / Re-referred to Rules Committee 1/10/2023HouseSession Sine Die