Sen. Bill Brady

Filed: 2/2/2006

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 2513

2     AMENDMENT NO. ______. Amend Senate Bill 2513 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The State Finance Act is amended by adding
5 Sections 5.663 and 8n as follows:
 
6     (30 ILCS 105/5.663 new)
7     Sec. 5.663. The Property Tax Relief Fund.
 
8     (30 ILCS 105/8n new)
9     Sec. 8n. Transfers to the Property Tax Relief Fund.
10     (a) The Property Tax Relief Fund is created as a special
11 fund in the State treasury. Subject to appropriation, the
12 Treasurer must make disbursements to counties as set forth
13 under this Section and under Section 20-23 of the Property Tax
14 Code. Moneys received for the purposes of this Section,
15 including, without limitation, interfund transfers and gifts,
16 grants, and awards from any public or private entity, must be
17 deposited into the Fund. Any interest earned on moneys in the
18 Fund must be deposited into the Fund.
19     (b) On July 15 of each year, the Commission on Government
20 Forecasting and Accountability must certify to the Treasurer
21 the Property Tax Relief Transfer Amount.
22     For State Fiscal Year 2007, the Property Tax Relief
23 Transfer Amount is an amount equal to 10% of the amount by

 

 

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1 which general funds revenues projected to be collected by the
2 State in the current fiscal year exceed the actual general
3 funds revenues collected by the State in the preceding fiscal
4 year.
5     For State Fiscal Year 2008 and each fiscal year thereafter,
6 the Property Tax Relief Transfer Amount is an amount equal to
7 (i) 10% of the amount by which general funds revenues projected
8 to be collected by the State in the current fiscal year exceed
9 the actual general funds revenues collected by the State in the
10 preceding fiscal year plus (ii) the amount of the Property Tax
11 Relief Transfer Amount of the preceding fiscal year.
12     (c) By December 1 of each year, the State Treasurer must
13 transfer, from the General Revenue Fund to the Property Tax
14 Relief Fund, an amount equal to the Property Tax Relief
15 Transfer Amount.
16     (d) On January 1 of each year, or as soon thereafter as
17 practical, the State Treasurer, subject to appropriation, must
18 distribute the moneys in the Property Tax Relief Fund to each
19 county in the State. The percent to be distributed to a county
20 is the percentage of that county's current equalized assessed
21 value compared to the current State equalized assessed value,
22 as certified by the Department of Revenue.
23     (e) The Department of Revenue, in consultation with the
24 State Treasurer and the Commission on Government Forecasting
25 and Accountability, must adopt any rules necessary for the
26 implementation and administration of this Section.
 
27     Section 10. The Property Tax Code is amended by adding
28 Section 20-23 as follows:
 
29     (35 ILCS 200/20-23 new)
30     Sec. 20-23. Property Tax Relief Fund disbursements.
31     (a) Upon the receipt of a distribution under Section 8n of
32 the State Finance Act, the county collector must calculate the

 

 

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1 amount of the Property Tax Relief Credit to which each taxpayer
2 in the county is entitled. The amount of the Property Tax
3 Relief Credit with respect to each tax bill is the amount of
4 the distribution under Section 8n divided by the total number
5 of tax bills to be issued in the county for that taxable year.
6 The county collector must notify each township collector in the
7 county of the amount of each Property Tax Relief Credit.
8     (b) The Property Tax Relief Credit must be applied against
9 the first installment of each tax bill issued in the county,
10 and the bill must show the reduced amount due for the first
11 installment.
12     (c) Amounts received under Section 8n of the State Finance
13 Act by the county must be treated as tax payments and
14 distributed to the taxing districts.
15     (d) The Department of Revenue must adopt any rules
16 necessary for the implementation and administration of this
17 Section.
 
18     Section 99. Effective date. This Act takes effect upon
19 becoming law.".