The Illinois state House has approved a bill that would limit local government borrowing through backdoor property tax hikes, the Illinois Review reports.
The bill was proposed by state Reps. Dave McSweeney (R-Barrington Hills) and Jack Franks (D-Marengo). The measure was approved 101-6 on Tuesday, and now moves to the state Senate for approval, the Chicago Tribune is reporting.
The bill came after an investigation that found some suburbs boosted property taxes higher than the law allowed through an intricate borrowing maneuver and without voter consent.
The new bill allows homeowners to petition for a referendum against a tax hike and requires less signatures and time to acquire them. The investigation found that local governments could avoid referendums by referring to borrowing as "alternative revenue."
The bill also prevents consultants making financial projections for alternate revenue projects from participating in the deal.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.