SCHOOLS-LOCAL OPTION INCOME TX House SponsorsRep. Annazette Collins 1/13/2009HouseSession Sine Die New Act30 ILCS 105/5.675 new30 ILCS 105/5.676 new30 ILCS 105/5.677 new30 ILCS 105/5.678 new30 ILCS 105/5.679 new105 ILCS 5/34A-501from Ch. 122, par. 34A-501 Creates the School District Income Tax Act. Authorizes a school district located within a municipality with 1,000,000 or more inhabitants to impose an income tax of 0.9% on individuals and 1.44% for a period of 2 years. Requires the Department of Revenue to collect the tax and enforce the Act. Provides that 67% of the taxes collected shall be used for educational purposes, 26.4% shall be used for property tax relief, 3.2% shall be used for health and safety programs, 3.2% shall be given to the municipality in which the school district is located to be used in the discretion of the municipality, and 0.2% may be retained by the Department for administrative expenses. Amends the State Finance Act to create the various funds from which distributions of the tax money shall be made. Amends the School Code to authorize the School Finance Authority to issue and additional $200,000,000 in bonds for educational purposes. Effective immediately. 2/8/2007HouseFiled with the Clerk by Rep. Annazette Collins 2/8/2007HouseFirst Reading 2/8/2007HouseReferred to Rules Committee 3/6/2007HouseAssigned to Revenue Committee 3/23/2007HouseRule 19(a) / Re-referred to Rules Committee 2/27/2008HouseAssigned to Revenue Committee 3/14/2008HouseRule 19(a) / Re-referred to Rules Committee 1/13/2009HouseSession Sine Die