Illinois General Assembly - Bill Status for SB1461

Amends the provisions of the State Revenue Sharing Act concerning personal property tax replacement income tax distributions. Provides that the Department of Revenue shall adjust the 1977 Tax Base of any taxing district located in any county in which, during the period between the ratification of the Illinois Constitution of 1970 and December 31, 1977, the supervisor of assessments reclassified property as real property that would have been classified as personal property immediately before the adoption of the Illinois Constitution of 1970. The adjusted 1977 Tax Base of the taxing district shall be determined without regard to that reclassification. Distributions shall be based on the revised 1977 Tax Base calculation. Amends the Illinois Income Tax Act. Provides a tax credit in an amount equal to the amount of real property tax paid in the taxable year for property, the property taxes on which are being cumulatively reduced to zero under the Property Tax Code. Amends the Property Tax Code. Provides that Stranded Property is property that would have been considered personal property for purposes of property taxation immediately before the adoption of the Illinois Constitution of 1970 but that is, on the effective date of this amendatory Act, taxed as real property. Provides that the Terminated Property Ratio is determined by dividing the 1977 assessed value of all Stranded Property in the County by the 2002 assessed value of all Stranded Property in the county. Provides that the assessed value of Stranded Property shall be reduced by its Terminated Property Ratio. Provides that Terminated Property is that portion of Stranded Property that has been reduced by the Terminated Property Ratio. Provides that, beginning on January 1, 2003, the supervisor of assessments shall cumulatively reduce the assessed value of Terminated Property to zero in 5% increments over a 20-year period. Preempts home rule. Effective July 1, 2003.

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