91st General Assembly
Summary of HB0587
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House Sponsors:
HOFFMAN-REITZ-FOWLER-FRANKS-FEIGENHOLTZ.

Short description: 
PROP TX-ABATEMENT-SCHOOLS                                                  

Synopsis of Bill as introduced:
        Amends the State Finance Act and the State Revenue Sharing Act to      
   create the Property Tax Relief Fund as a special fund in the State          
   treasury.  Provides that the Governor shall include in each State           
   budget a transfer, and shall direct the transfer, as soon as practical      
   after July 1, 1999 and each July 1 thereafter, of an amount equal to        
   25% of the projected revenue growth in the  State's general funds, as       
   as  estimated  by  the Bureau of the Budget, into the Property Tax          
   Relief Fund. Provides that, beginning July 1, 2000 and each July 1          
   thereafter, the Governor shall also provide for deposit into  the Fund      
   previous fiscal year.  Provides  for  distribution  of  the  Fund,  as      
   determined  by  the Department of Revenue, to school districts subject      
   to the School Code.  Amends the  Property  Tax  Code  to  provide  for      
   abatement  of  a portion of real property taxes based on the amount of      
   funds distributed to the school district  in  which  the  property  is      
   located   from  the  Property  Tax  Relief  Fund.   Amends  the  Civil      
   Administrative Code of Illinois to provide  that  the  Governor  shall      
   include in each State budget a transfer, and shall direct the trans-        
   fer, as soon as practical after July 1, 1999 and each July 1 there-         
   after, of an  amount equal to 25% of the projected revenue growth in        
   the State's general fund into the Education Assistance Fund.                
   Effective July 1, 1999.                                                     
          HOUSING AFFORDABILITY NOTE (Housing Development Auth.)               
          The amount cannot be determined.                                     
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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