LAND BANK FUND
- Introduced Feb 9, 2024
- In committee Feb 9, 2024
- Died
- Passed the Senate
- To the governor
- Became law
What it does
The legislature's own summary of the bill, or its official long title.
Creates the Funding Local Land Banks Act. Creates the Local Land Banks Fund as a special fund in the State treasury. Provides that moneys in the Local Land Banks Fund shall be used, subject to appropriation, for the purpose of distributing funds to land banks to allow those land banks to acquire property in the State with the goal of increasing local government property tax revenue. Provides that units of local…
Read the full title (122 words)
Creates the Funding Local Land Banks Act. Creates the Local Land Banks Fund as a special fund in the State treasury. Provides that moneys in the Local Land Banks Fund shall be used, subject to appropriation, for the purpose of distributing funds to land banks to allow those land banks to acquire property in the State with the goal of increasing local government property tax revenue. Provides that units of local government may establish programs providing that, for the 5 years following the sale of a property by a land bank, 50% or more of the property tax revenue attributable to that property shall be remitted to the land bank for the purpose of funding new acquisitions or sales of real property.
Every action
6 steps, oldest first, as the legislature records them.
- HouseFiled with the Clerk by Rep. Kevin John Olickal
- HouseFirst Reading
- CommitteeReferred to Rules Committee · House Rules
- CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
- CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
- HouseSession Sine Die
Roll calls
No recorded votes on this bill yet.
Sponsors
The member who introduced it.
-
Kevin John OlickalD Primary sponsor · District 16
From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.