Amends the Cook County Article of the Illinois Pension Code. Raises the cap on the maximum amount of child's annuities for child's annuities that become payable on or after July 1, 2003. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Property Tax Code. Allows a taxing district to recover, by adoption of a supplemental levy, revenue lost due to a refund resulting from a decision of the Property Tax Appeal Board, a decision of the Department of Revenue, a court order on a tax objection petition, or a decision of a local assessing official that reduced the assessed value of any property within the district. Provides that the supplemental levy is not a special purpose levy for purposes of the Truth in Taxation Law. Excludes the extension of the supplemental levy from the definition of "aggregate extension" for purposes of the Property Tax Extension Limitation Law. Provides that, for purposes of the Property Tax Extension Limitation Law, the taxing district's most recent aggregate extension base shall not include the supplemental levy. Effective immediately.
Amends the Trusts and Trustees Act. Provides that a trustee has the powers specified in the trust instrument as well as those set forth in the Act. Effective immediately.
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides for a one-time increase in certain retirement and survivor's annuities. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the retirement system to review and report on significant changes in purchasing power. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Chicago Firefighter Article of the Pension Code. Provides for a Deferred Retirement Option Plan, under which a fireman who is at least age 50 with 20 years of service may continue in active service for up to 3 years while having his or her retirement annuity paid into a special account, to be distributed to the fireman upon retirement. Bases the retirement annuity on the fireman's service and salary at the time of joining the DROP plan. Requires termination of service at the end of the DROP plan participation period. Effective immediately.
Amends the Unemployment Insurance Act. Provides that an individual is ineligible for benefits on the basis of wages for service for a municipality as a school crossing guard between 2 successive academic years or terms or during a vacation period or holiday recess if the individual performed the service in the first of the academic years or terms or before the vacation period or holiday recess and there is a reasonable assurance that the individual will perform the service in the second of the academic years or terms or after the vacation period or holiday recess, subject to specified exceptions. Effective immediately.
Amends the Liquor Control Act of 1934. Makes a technical change in a Section concerning the sale of alcoholic liquor.
Amends the Illinois Vehicle Code. Provides that the fine for failing to follow proper procedures upon entering a construction or maintenance zone is not less than $100 (as well as not more than $10,000). Deletes language providing that a person charged with that offense or with failing to follow proper procedures on approaching an authorized emergency vehicle must appear in court to answer the charges. Effective immediately.
Amends the State Treasurer Act. Removes the requirement that the State Treasurer adjust each account at least annually to ensure compliance with the requirements of the College Savings Pool. Provides that the Treasurer shall limit the contributions that may be made on behalf of a designated College Savings Pool beneficiary based on the limitations established by the Internal Revenue Service (now, based on an actuarial estimate of what is required to pay tuition, fees, and room and board for 5 undergraduate years at the highest cost eligible educational institution). Amends the Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2005, a distribution from a qualified tuition program under the Internal Revenue Code that is administered by a state that does not permit a sales load exceeding 4% and that has passed a law for the express purpose of exempting from its tax moneys distributed from a qualified tuition program administered by the State of Illinois, is exempt from the requirement that a distribution from an Internal Revenue Code qualified tuition program be included when determining adjusted gross income for purposes of determining base income. Makes other changes. Effective immediately.
Amends the Horse Racing Act of 1975. Authorizes 2 or more organization licensees to consolidate into a single consolidated organization licensee. Provides that a consolidated organization licensee shall be entitled to all of the rights, powers, and benefits that would have accrued to the organization licensees if they had not consolidated, regardless of whether all or a portion of a pre-consolidation licensee is sold, transferred, or not utilized. Effective immediately.
