91st General Assembly
Summary of HB2577
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House Sponsors:
WAIT.

Short description: 
SCHOOL DISTRICT INCOME TAX ACT                                             

Synopsis of Bill as introduced:
        Creates the  School  District  Income  Tax  Act.   Allows  school      
   districts   to  tax  income  after  referendum  approval  of  district      
   residents and record owners of property in the district.  Provides for      
   additional levies, administration and distribution  of  the  tax,  and      
   penalties for violations.  Applies only to income earned following 120      
   days  after certification of the results of the referendum.  Creates a      
   credit against the tax in an amount not to exceed $500 equal to 5%  of      
   the  amounts  spent by the taxpayer on monthly rent for the taxpayer's      
   residence.  Amends the Property Tax Code to provide for  abatement  of      
   residential,  farm,  and  small  business property.  Amends the School      
   Code to require that school districts certify income  tax  levies  and      
   amounts   realized    for  property  tax  abatement  purposes  and  to      
   coordinate the calculation of school aid with the income tax levies by      
   adjusting the  operating  tax  rate  accordingly.   Amends  the  State      
   Finance  Act to create the School District Income Tax Fund.  Effective      
   immediately.                                                                
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


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