DIGEST OF INTRODUCED BILL
CEDIT for library property tax replacement. Provides that a county may adopt an ordinance designating county economic development income tax (CEDIT) revenue for replacement of public library property taxes in the county. Allows a county to adopt an ordinance only if all territory in the county is included in a library district. Provides that the maximum amount that may be used for library property tax replacement purposes is the amount of revenue generated by a CEDIT rate of 0.15%. Provides that a public library may receive public library property tax replacement credits under this provision only if the library has entered into reciprocal borrowing agreements with all other public libraries in the county.