REVENUE SHARING-REDISTRIBUTE Senate SponsorsSen. Patrick Welch House Sponsors(Rep. Michael J. Madigan) 1/11/2005SenateSession Sine Die 30 ILCS 115/12from Ch. 85, par. 61635 ILCS 5/213 new35 ILCS 200/24-5Amends the provisions of the State Revenue Sharing Act concerning personal property tax replacement income tax distributions. Provides that the Department of Revenue shall adjust the 1977 Tax Base of any taxing district located in any county in which, during the period between the ratification of the Illinois Constitution of 1970 and December 31, 1977, the supervisor of assessments reclassified property as real property that would have been classified as personal property immediately before the adoption of the Illinois Constitution of 1970. The adjusted 1977 Tax Base of the taxing district shall be determined without regard to that reclassification. Distributions shall be based on the revised 1977 Tax Base calculation. Amends the Illinois Income Tax Act. Provides a tax credit in an amount equal to the amount of real property tax paid in the taxable year for property, the property taxes on which are being cumulatively reduced to zero under the Property Tax Code. Amends the Property Tax Code. Provides that Stranded Property is property that would have been considered personal property for purposes of property taxation immediately before the adoption of the Illinois Constitution of 1970 but that is, on the effective date of this amendatory Act, taxed as real property. Provides that the Terminated Property Ratio is determined by dividing the 1977 assessed value of all Stranded Property in the County by the 2002 assessed value of all Stranded Property in the county. Provides that the assessed value of Stranded Property shall be reduced by its Terminated Property Ratio. Provides that Terminated Property is that portion of Stranded Property that has been reduced by the Terminated Property Ratio. Provides that, beginning on January 1, 2003, the supervisor of assessments shall cumulatively reduce the assessed value of Terminated Property to zero in 5% increments over a 20-year period. Preempts home rule. Effective July 1, 2003.Senate Committee Amendment No. 1 Deletes reference to:30 ILCS 115/235 ILCS 5/213 new35 ILCS 200/24-5Adds reference to:30 ILCS 115/0.1from Ch. 85, par. 610Deletes everything after the enacting clause. Amends the State Revenue Sharing Act. Makes a technical change in a Section concerning the short title. 2/20/2003SenateFiled with Secretary by Sen. Patrick Welch 2/20/2003SenateFirst Reading 2/20/2003SenateReferred to Rules 2/27/2003SenateAssigned to Revenue 3/6/2003SenatePostponed - Revenue 3/13/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Patrick Welch 3/13/2003SenateSenate Committee Amendment No. 1 Referred to Rules 3/13/2003SenateSenate Committee Amendment No. 1 Rules Refers to Revenue 3/13/2003SenateSenate Committee Amendment No. 1 Adopted 3/13/2003SenateDo Pass as Amended Revenue; 006-003-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/25/2003SenateSecond Reading 3/25/2003SenatePlaced on Calendar Order of 3rd Reading March 26, 2003 4/1/2003SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Chris Lauzen 4/1/2003SenateSenate Floor Amendment No. 2 Referred to Rules 4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003. 4/8/2003SenateVerified 4/8/2003SenateThird Reading - Passed; 032-022-001 4/8/2003SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) 4/9/2003HouseArrived in House 4/9/2003HousePlaced on Calendar Order of First Reading 4/10/2003HouseChief House Sponsor Rep. Michael J. Madigan 4/10/2003HouseFirst Reading 4/10/2003HouseReferred to Rules Committee 4/14/2003HouseAssigned to Executive Committee 5/2/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005SenateSession Sine Die