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| [ Senate Amendment 004 ] |
91_HB3876sam003
SRS91HB3876NCcbam05
1 AMENDMENT TO HOUSE BILL 3876
2 AMENDMENT NO. . Amend House Bill 3876, by replacing
3 the title with the following:
4 "AN ACT concerning tax rebates."; and
5 by replacing everything after the enacting clause with the
6 following:
7 "Section 5. The Illinois Income Tax Act is amended by
8 adding Section 208.1 as follows:
9 (35 ILCS 5/208.1 new)
10 Sec. 208.1. Homeowners' Tax Relief rebate.
11 (a) The Department shall pay a rebate to taxpayers in
12 the amount of the Illinois income tax credit allowed under
13 Section 208 with respect to the taxpayer's 1999 Illinois
14 income tax return for residential real property taxes paid on
15 the principal residence of the taxpayer. The rebate shall
16 not, however, exceed $300 per principal residence. The
17 rebate shall be paid to all eligible taxpayers who have filed
18 a 1999 Illinois income tax return on or before September 1,
19 2000.
20 (b) Before June 30, 2000, the Comptroller shall order
21 transferred and the Treasurer shall transfer $280,000,000
-2- SRS91HB3876NCcbam05
1 from the Tobacco Settlement Recovery Fund to the Homeowners'
2 Tax Relief Fund, a special fund in the State Treasury.
3 Subject to appropriation, the Department shall make the
4 rebate payments out of the Homeowners' Tax Relief Fund. The
5 Department shall certify the names of the taxpayers and the
6 rebate amounts to the Comptroller by September 15, 2000. The
7 Comptroller shall mail the rebate warrants by October 15,
8 2000.
9 (c) Any unencumbered amount in the Homeowners' Tax
10 Relief Fund on January 1, 2001 shall be transferred to the
11 Budget Stabilization Fund, a special fund in the State
12 Treasury, and any amount remaining in the Homeowners' Tax
13 Relief Fund on July 1, 2001 shall be transferred to the
14 Budget Stabilization Fund.
15 Section 10. The State Finance Act is amended by adding
16 Sections 5.541 and 5.542 as follows:
17 (30 ILCS 105/5.541 new)
18 Sec. 5.541. The Homeowners' Tax Relief Fund.
19 (30 ILCS 105/5.542 new)
20 Sec. 5.542. The Budget Stabilization Fund.
21 Section 99. Effective date. This Act takes effect upon
22 becoming law.".