Introduced
by
To change a cap on the amount of debt a village may incur. Under current law there is a debt cap that is based on the assessed value of all real and personal property in the community. The bill would have the effect of letting villages borrow more by adding the assessed value of business tools and equipment that were previously subject to local property taxes but were exempted by a 2014 law, and also adding state revenue sharing payments.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
To change a cap on the amount of debt a village may incur. Under current law there is a debt cap that is based on the assessed value of all real and personal property in the community. The bill would have the effect of letting villages borrow more by adding the assessed value of business tools and equipment that were previously subject to local property taxes but were exempted by a 2014 law.
Referred to the Committee on Local Government
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 106 to 3 (details)
To change a cap on the amount of debt a village may incur. Under current law there is a debt cap that is based on the assessed value of all real and personal property in the community. The bill would have the effect of letting villages borrow more by adding the assessed value of business tools and equipment that were previously subject to local property taxes but were exempted by a 2014 law.
