Yesterday, House Bill 5011, introduced by State Representative Bradley Fritts (R-Dixon) passed the House floor with a unanimous vote of 108-0.
“I am thrilled with the passage of House Bill 5011,” said Rep. Fritts. “This bipartisan bill, crafted with collaboration from the Comptroller’s office and the Township Officials of Illinois, will help save money for taxpayers in townships by changing the requirements on yearly audits.”
Under current law, every township in Illinois with combined revenues over $850,000 is required to pay for a yearly audit performed by a Certified Personal Accountant. House Bill 5011 will change the requirement to once every four years for townships that generate a revenue of less than $1.4 million per year and every two years for those that generate more than 1.4 million per year.
Rep. Fritts concluded, “Smaller townships in rural areas often struggle to pay for these yearly audits, if they can even find an auditor, which forces them to raise property tax levies to cover the expense. Rural Illinoisans have been hit with consistent increases in taxes and this bill will finally give rural residents the break they deserve.”
For more information about Representative Fritts, visit RepFritts.com.