<?xml version='1.0' encoding='UTF-8'?>
<xml>
<title>Illinois General Assembly - Bill Status for HB 5550</title>
<shortdesc>TRUTH IN TAX-REVENUE RATE</shortdesc>
<sponsor>
<sponsorhead1>House Sponsors</sponsorhead1><sponsors>Rep. Bradley Fritts</sponsors>
</sponsor>
<lastaction>
<statusdate>3/27/2026</statusdate><chamber>House</chamber><action>Rule 19(a) / Re-referred to Rules Committee</action>
</lastaction>
<synopsis>
<synopsistitle></synopsistitle>
<reference>35 ILCS 200/18-55</reference><aliasreference></aliasreference><reference>35 ILCS 200/18-56</reference><aliasreference></aliasreference><reference>35 ILCS 200/18-65</reference><aliasreference></aliasreference><reference>35 ILCS 200/18-70</reference><aliasreference></aliasreference><reference>35 ILCS 200/18-80</reference><aliasreference></aliasreference><reference>35 ILCS 200/18-85</reference><aliasreference></aliasreference><reference>35 ILCS 200/18-90</reference><aliasreference></aliasreference><SynopsisText>     Amends the Truth in Taxation Law in the Property Tax Code. Provides that the notice and hearing requirements apply if the taxing district proposes to extend a tax rate against all taxable property in the district that exceeds the revenue neutral rate. Provides that the term "revenue neutral rate" means an aggregate tax rate for the taxing district that would generate the same amount of property tax revenue as was levied by the taxing district in the previous tax year using the current tax year's total assessed valuation of all property in the taxing district. Makes changes concerning notice provisions.</SynopsisText></synopsis>
<actions>
<statusdate>2/6/2026</statusdate><chamber>House</chamber><action>Filed with the Clerk by Rep. Bradley Fritts</action>
<statusdate>2/13/2026</statusdate><chamber>House</chamber><action>First Reading</action>
<statusdate>2/13/2026</statusdate><chamber>House</chamber><action>Referred to Rules Committee</action>
<statusdate>3/18/2026</statusdate><chamber>House</chamber><action>Assigned to Revenue &amp; Finance Committee</action>
<statusdate>3/27/2026</statusdate><chamber>House</chamber><action>Rule 19(a) / Re-referred to Rules Committee</action>
</actions>
</xml>
