BELLOCK, BIGGINS, BLACK, BOST, BRADY, COULSON, COWLISHAW,
DAVIS,MONIQUE, DURKIN, HASSERT, HOEFT, HULTGREN,
JOHNSON,TOM, JONES,JOHN, KLINGLER, KOSEL, KRAUSE, LAWFER,
LINDNER, LYONS,EILEEN, MATHIAS, MCAULIFFE, MEYER,
MITCHELL,JERRY, MOFFITT, MOORE,ANDREA, MULLIGAN,
OSMOND, OSTERMAN, PANKAU, PARKE, PERSICO, POE, RIGHTER,
RYDER, SAVIANO, SCHMITZ, SKINNER, SOMMER, STEPHENS,
TURNER,JOHN, WAIT, WINTERS, WIRSING, WOJCIK AND ZICKUS.
INCOME TAXES-CREDIT PRPTY TX
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Makes a technical change in
a Section concerning a tax credit for property taxes.
SENATE AMENDMENT NO. 3. (Tabled April 14, 2000)
Deletes reference to:
35 ILCS 5/208
Adds reference to:
35 ILCS 5/208.1 new
30 ILCS 105/5.541 new
30 ILCS 105/5.542 new
Deletes everything. Amends the Illinois Income Tax Act.
Provides that the Department of Revenue shall pay a rebate to
taxpayers in the amount of the Illinois income tax credit allowed with
respect to the taxpayer's 1999 Illinois income tax return for
residential property taxes paid, but not to exceed $300 per principal
residence. Provides for the transfer of $280,000,000 from the
Tobacco Settlement Recovery Fund to the Homeowners' Tax Relief Fund
from which the Department of Revenue, subject to appropriation, shall
make the rebate payments. Provides that the Comptroller shall mail the
rebate warrants by October 15, 2000. Provides for unused amounts to
be transferred to the Budget Stabilization Fund. Amends the State
Finance Act to create the Homeowners' Tax Relief Fund and the Budget
Stabilization Fund. Effective immediately.
SENATE AMENDMENT NO. 4.
Deletes everything. Reinserts provisions similar to Senate
Amendment No. 3, but provides that the rebates shall be paid to all
eligible taxpayers who have filed a 1999 Illinois income tax return on
or before October 17, 2000; provides that for those taxpayers whose
returns were filed on or before July 17, 2000, the Comptroller shall
mail rebate warrants by October 17, 2000; and provides that for those
taxpayers whose returns were filed after July 17, 2000 and on or
before October 17, 2000, the Comptroller shall mail rebate warrants by
December 15, 2000. Effective immediately.
Last action on Bill: PUBLIC ACT.............................. 91-0703
Last action date: 00-05-16
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status