Amends the Chicago Police Article of the Illinois Pension Code to base retirement benefits on the highest 36 months, rather than 4 years, of salary within the last 10 years of service, for persons retiring on or after January 1, 2010. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Property Tax Code. Provides that, in Cook County, homestead property must be valued at 100% of its fair cash value. Requires the Cook County Clerk to abate the property taxes levied on homestead property in an amount equal to: (1) the amount of the aggregate extension of all taxing districts against the property; less (2) an amount equal to 1% of the equalized assessed value of the property. Sets forth procedures to apply this abatement to the aggregate extensions of each taxing district. Creates the Cook County general homestead exemption to limit the assessment increases of homestead property to the lesser of: (i) 2%; or (ii) the increase in the CPI. Sets forth the taxable years in which this general homestead exemption applies. Amends various Acts to include a cross reference to homestead exemptions granted under Article 15 of the Property Tax Code. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning the short title.
Amends the Structured Settlement Protection Act. In the provision concerning definitions, adds definitions of "Director" and "Division". Sets forth provisions concerning transferee licensure requirements, qualifications, renewal, revocation and suspension, and examination; the display of licenses; and injunction and review with regard to licensure complaints. Provides that it shall be unlawful for any person to operate as, advertise as, or solicit transfers as a transferee without first having obtained a license. Provides that every applicant shall submit a bond, in which the applicant shall be the obligor, in the sum of $125,000 or an additional amount at the time of the application for a license. Makes other changes.
Amends the Property Tax Code. Awards an assessment freeze homestead exemption to retired police officers and firefighters who meet certain requirements. Provides that the amount of the exemption is the equalized assessed value of the residence in the taxable year for which application is made minus the equalized assessed value of the residence in the taxable year in which the applicant qualified for the exemption plus the first year's equalized assessed value of any added improvements that increased the assessed value of the residence after the base year. Makes corresponding changes to cross-references in the provisions concerning certification, certificate of errors, and delinquency notices. Amends various Acts concerning tax increment financing to deduct the exemption from assessed value calculations for entities that have adopted tax increment allocation financing under these provisions. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Chicago Police Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. Also increases it to 3%, reduces the minimum age to 55, and removes the 30% maximum increase limitation for all annuitants. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Illinois Vehicle Code. Provides that, in addition to any other fine or penalty, a law enforcement official may impound the motor vehicle of any person operating that vehicle without insurance. Requires the Secretary of State to establish and maintain a database of all motor vehicles determined by the Secretary to be uninsured and requires that this database be available to federal, state, and local law-enforcement agencies.
Amends the Chicago Police Article of the Illinois Pension Code to increase the multiplier used to calculate the maximum allowable pension tax, from 2.00 to 3.00. Effective immediately.
Makes appropriations to the Court of Claims from specified funds for payment of claims. Effective July 1, 2009.
Amends the Chicago Police Article of the Illinois Pension Code. Provides a 3% annual increase in surviving spouse annuities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
