State of Illinois
91^st General Assembly
Public Acts

Public Act 91-0703

HB3876 Enrolled                                LRB9112055SMdv

    AN ACT concerning tax rebates.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.   The  Illinois  Income Tax Act is amended by
adding Section 208.1 as follows:

    (35 ILCS 5/208.1 new)
    Sec. 208.1.  Homeowners' Tax Relief rebate.
    (a)  The Department shall pay a rebate  to  taxpayers  in
the  amount  of  the Illinois income tax credit allowed under
Section 208 with respect  to  the  taxpayer's  1999  Illinois
income tax return for residential real property taxes paid on
the  principal  residence  of the taxpayer.  The rebate shall
not, however, exceed  $300  per  principal  residence.    The
rebate shall be paid to all eligible taxpayers who have filed
a  1999  Illinois  income tax return on or before October 17,
2000.
    (b)  Before June 30, 2000, the  Comptroller  shall  order
transferred  and  the  Treasurer  shall transfer $280,000,000
from the Tobacco Settlement Recovery Fund to the  Homeowners'
Tax  Relief  Fund,  a  special  fund  in  the State Treasury.
Subject to  appropriation,  the  Department  shall  make  the
rebate payments out of the Homeowners' Tax Relief Fund.
    (c)  The  Department  shall  certify  the  names  of  the
taxpayers whose returns were filed on or before July 17, 2000
and the rebate amounts to the Comptroller by August 15, 2000.
The  Comptroller  shall  mail  the  rebate  warrants to these
taxpayers by October 17, 2000.
    (d)  The  Department  shall  certify  the  names  of  the
taxpayers whose returns were filed after July 17, 2000 and on
or before October 17, 2000 and  the  rebate  amounts  to  the
Comptroller by November 17, 2000.  The Comptroller shall mail
the rebate warrants to these taxpayers by December 15, 2000.
    (e)  Any  unencumbered  amount  in  the  Homeowners'  Tax
Relief  Fund  on  January 1, 2001 shall be transferred to the
Budget Stabilization  Fund,  a  special  fund  in  the  State
Treasury,  and  any  amount  remaining in the Homeowners' Tax
Relief Fund on July 1,  2001  shall  be  transferred  to  the
Budget Stabilization Fund.

    Section  10.   The State Finance Act is amended by adding
Sections 5.541 and 5.542 as follows:

    (30 ILCS 105/5.541 new)
    Sec. 5.541.  The Homeowners' Tax Relief Fund.

    (30 ILCS 105/5.542 new)
    Sec. 5.542.  The Budget Stabilization Fund.

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.