O'CONNOR. New Act 35 ILCS 5/208 from Ch. 120, par. 2-208 30 ILCS 105/5.490 new Creates the Property Tax Surplus Credit Act and amends the Illinois Income Tax Act. Provides that for any fiscal year in which the revenues into the State's general funds exceed the prior year's general funds revenues by more than $750,000,000, the excess funds shall be deposited into the Property Tax Surplus Credit Fund. Provides that the Fund shall be used by the Department of Revenue to increase the income tax credit for residential property. Amends the State Finance Act to create the Fund. Effective immediately. 99-02-22 H FIRST READING 99-02-22 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-02-24 H ASSIGNED TO COMMITTEE REVENUE 99-03-05 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary