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| [ Senate Amendment 003 ] |
91_HB3876sam004
LRB9112055SMpkam01
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 October 17,
19 2000.
20 (b) Before June 30, 2000, the Comptroller shall order
21 transferred and the Treasurer shall transfer $280,000,000
-2- LRB9112055SMpkam01
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.
5 (c) The Department shall certify the names of the
6 taxpayers whose returns were filed on or before July 17, 2000
7 and the rebate amounts to the Comptroller by August 15, 2000.
8 The Comptroller shall mail the rebate warrants to these
9 taxpayers by October 17, 2000.
10 (d) The Department shall certify the names of the
11 taxpayers whose returns were filed after July 17, 2000 and on
12 or before October 17, 2000 and the rebate amounts to the
13 Comptroller by November 17, 2000. The Comptroller shall mail
14 the rebate warrants to these taxpayers by December 15, 2000.
15 (e) Any unencumbered amount in the Homeowners' Tax
16 Relief Fund on January 1, 2001 shall be transferred to the
17 Budget Stabilization Fund, a special fund in the State
18 Treasury, and any amount remaining in the Homeowners' Tax
19 Relief Fund on July 1, 2001 shall be transferred to the
20 Budget Stabilization Fund.
21 Section 10. The State Finance Act is amended by adding
22 Sections 5.541 and 5.542 as follows:
23 (30 ILCS 105/5.541 new)
24 Sec. 5.541. The Homeowners' Tax Relief Fund.
25 (30 ILCS 105/5.542 new)
26 Sec. 5.542. The Budget Stabilization Fund.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.".