Rep. Kelly Burke

Amends the Public Funds Investment Act. Provides that any public agency may invest any public funds, in addition to other investments, in pooled life settlement policies in which each of the underlying insurance policies have no greater than 60-day liquidity and are issued by insurance companies of A-grade investment quality. Provides further requirements concerning the investment of public funds in specified pooled life settlement policies.

Amends the Illinois Income Tax Act. Makes changes to the definition of “investment partnership” to provide that a dealer in qualifying investment securities may be considered an investment partnership. Allows a partnership interest to be considered a qualified security if the interest qualifies as a security within the meaning of the federal Securities Act of 1933. In provisions requiring that no less than 90% of the investment partnership's gross income shall consist of interest, dividends, and gains from the sale or exchange of qualifying investment securities, provides that that includes the distributive share of partnership income from lower-tier partnership interests and does not include income from partnerships that are operating at a federal taxable loss. Effective immediately.

Amends the Property Tax Code. Provides that the notice of the transfer of property that is exempt for orphanage, school, or religious purposes shall be filed with the county clerk (currently, the county recorder).

Amends the State Officials and Employees Ethics Act. Provides that any officer, member, or State employee subject to revolving door prohibitions, who is considering or offered non-State employment during State employment or, within a period of one year immediately after termination of State employment, may request the appropriate Inspector General make a determination as to whether the State employee is restricted from accepting such employment. Provides that within 10 calendar days after receiving a request from an employee, the Inspector General shall determine whether the State employee is restricted from accepting such employment. Provides that a determination by an Inspector General must be in writing, signed and dated by the Inspector General, and delivered to the subject of the determination within 10 calendar days or the person is deemed eligible for the employment opportunity.

Amends the Property Tax Code. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Provides that the amendatory changes are declarative of existing law.

Amends the Property Tax Code. Provides that, when a revision is made by the county assessor and that revision is not made on complaint of the property owner, the county assessor shall continue to accept appeals from the taxpayer for a period of not less than 35 business days from the later of the date the assessment notice is mailed or is published on the assessor's website.

Amends the Illinois Income Tax Act. Provides that, for taxable years ending before December 31, 2028 (currently, December 31, 2023), when calculating the standard exemption, the basic amount shall be $2,050 plus a specified cost-of-living adjustment. Effective immediately.

Amends the Fiscal Control and Internal Auditing Act. Provides that, if the office of chief internal auditor is vacant, the chief executive officer of the designated State agency may, with the prior approval of the Governor, enter into an agreement with the Department of Central Management Services to use professional auditing services to comply with the Act. Provides that the agreement terminates upon the appointment of a chief internal auditor.

Honors and thanks State Representative Frances Ann Hurley for her years of dedicated service. Wishes her the best on her future success.

Recognizes the 25th anniversary of the ratification of the Good Friday Agreement as the framework for lasting peace in Northern Ireland. Encourages all men, women, and children of all ethnic origins to become Irish for one day on the 17th of March during the annual celebration of the feast of Saint Patrick, the patron saint of Ireland, and to celebrate with Irish Americans this year for the 25th anniversary of the Good Friday Agreement. Recognizes the governments of the United Kingdom and Ireland and their ongoing support and implementation of the Good Friday Agreement, as it is the irrevocable foundation of the peace process regardless of the United Kingdom's status regarding the European Union.