LOCAL OPTION PROP TAX REDUCT House SponsorsRep. Dave Winters-Renee Kosel 1/9/2007HouseSession Sine Die New Act30 ILCS 105/5.640 new30 ILCS 105/5.641 new35 ILCS 200/18-4535 ILCS 200/18-185105 ILCS 5/18-8.05 Creates the Local Option Property Tax Reduction Act and amends the School Code, the Property Tax Code, and the State Finance Act. Authorizes school districts by referendum to impose an income tax on individuals resident of the district at an annual rate not exceeding 2%. Requires the income tax revenues disbursed to a district each year to be used to abate the extension in that year of real property taxes levied by the district. Provides that for purposes of the Property Tax Extension Limitation Law the "aggregate extension base" shall not be reduced by any abatement pursuant to the Local Option Property Tax Reduction Act. Provides for a referendum repeal of the tax or a referendum change in the rate at which the tax is imposed or the percentage of the tax to be used for abatement. Provides for the manner of levying, collecting, and disbursing the tax and for the manner in which the tax revenues are used. Effective immediately. 2/23/2005HouseFiled with the Clerk by Rep. Dave Winters 2/23/2005HouseChief Co-Sponsor Rep. Renee Kosel 2/23/2005HouseFirst Reading 2/23/2005HouseReferred to Rules Committee 3/1/2005HouseAssigned to Revenue Committee 3/10/2005HouseRule 19(a) / Re-referred to Rules Committee 1/9/2007HouseSession Sine Die