Congratulates the Illinois Police Officers' Pension Investment Fund (IPOPIF) on being awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA).
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that no tax shall be imposed under the Act for persons dying on or after the effective date or for transfers made on or after the effective date. Effective immediately.
Amends the Child Care Act of 1969. Provides that a day care center may operate for 24 hours or longer and may provide care for a child for a period of up to 12 hours if the parent or guardian of the child is employed in a position that requires regularly scheduled shifts and a 10-hour period elapses between day care visits. Provides that the Department of Children and Family Services shall adopt rules necessary to implement and administer the provisions. Makes a conforming change.
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes certain changes concerning estates that contain qualified farm property. Provides that, for the purposes of calculating the State Death Tax Credit, those estates are subject to an exemption of $6,000,000 (rather than an exclusion amount of $4,000,000), which shall be deducted from the net estate value after the net estate value is computed in accordance with the Act. Provides that the exemption shall be adjusted each year according to the increase in the Consumer Price Index. Makes changes concerning the calculation of the deceased spousal unused exclusion amount for those estates. Provides for a special use valuation to provide that the value of the qualified farm property shall be calculated without regard to certain limitations under the Internal Revenue Code. Makes changes concerning the definition of "qualified heir" to provide that a decedent's brother, sister, uncle, aunt, niece, nephew, or first cousin is also included.
Amends the Illinois Vehicle Code. Provides that, beginning no later than January 1, 2027, the Secretary of State shall offer to qualified applicants the option to be issued an 8-year driver's license at a cost of $60. Provides that the Secretary shall submit proposed rules to implement the new provisions to the Joint Committee on Administrative Rules no later than December 31, 2024. Makes corresponding changes.
Amends the Property Tax Code. Provides that the abatement for property located in an area of urban decay also applies to newly remodeled single-family or duplex residential dwelling units (currently, only newly constructed single-family or duplex dwelling units). Provides that provisions requiring the abatement to be reduced in 20% increments annually during the last 4 years of the abatement period apply only to abatements granted prior to the effective date. Effective immediately.
Amends the Illinois Income Tax Act. In provisions requiring a claimant or claimants to repay certain amounts received under the angel investment tax credit if a qualified new business venture fails to maintain its minimum employment threshold, provides that, during the 3-year reporting period that includes March 13, 2020 to January 1, 2024, the repayment of any tax credits issued under those provisions shall be determined at the discretion of the Department of Commerce and Economic Opportunity. Effective immediately.
Amends the Illinois Notary Public Act. Provides that an applicant to renew an appointment as a notary public or as an electronic notary public is not required to complete a course of study or pass an examination if the applicant is a licensed attorney or judge or employed by a licensed attorney or the court.
Amends the Truth in Taxation Law in the Property Tax Code. In provisions concerning Truth in Taxation notices, provides that the notice shall be conspicuously posted (currently, posted) on the taxing district's homepage or on a page accessible through a direct link from the homepage for not less than 30 consecutive days. Effective immediately.
Amends the School Code. Provides that a school district shall require a school to have present at the school during the school day and during a school-sponsored extracurricular activity at least one automated external defibrillator and one or more trained AED users. Provides that an automated external defibrillator installed and maintained in accordance with the Physical Fitness Facility Medical Emergency Preparedness Act may be used to satisfy this requirement.
