REVENUE-RATES AND EXEMPTIONS House SponsorsRep. Shane Cultra 1/11/2011HouseSession Sine Die 30 ILCS 805/8.2830 ILCS 105/5.719 new30 ILCS 105/6z-80 new35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/202.5 new35 ILCS 5/901from Ch. 120, par. 9-90135 ILCS 200/14-2035 ILCS 200/15-1035 ILCS 200/15-163 new35 ILCS 200/20-17835 ILCS 200/31-2535 ILCS 200/15-165 rep.35 ILCS 200/15-167 rep.35 ILCS 200/15-168 rep.35 ILCS 200/15-169 rep.35 ILCS 200/15-170 rep.35 ILCS 200/15-172 rep.35 ILCS 200/15-175 rep.35 ILCS 200/15-176 rep.35 ILCS 200/15-177 rep.35 ILCS 200/15-180 rep. Amends the State Finance Act, the Illinois Income Tax Act, and the Property Tax Code. In the Property Tax Code, creates the standard homestead exemption in an amount equal to $100,000 and repeals Sections concerning various other homestead exemptions. In the Illinois Income Tax Act, increases the rate of tax on individuals and on trusts and estates from 3% to a rate determined by the Department by rule, and requires that the additional revenue generated from the increased rate must be deposited into the Homestead Property Tax Replacement Fund. Creates that Fund in the State Finance Act and requires that, from the moneys in that Fund, the Department of Revenue must make grants to taxing districts in the State in the amount of any decreased property tax revenue due to the implementation of the standard homestead exemption. Amends the State Mandates Act to require implementation without reimbursement. Makes various corresponding changes. Effective immediately, except that certain provisions concerning the repeal of homestead exemptions take effect January 1, 2010. 2/27/2009HouseFiled with the Clerk by Rep. Shane Cultra 2/27/2009HouseFirst Reading 2/27/2009HouseReferred to Rules Committee 3/4/2009HouseAssigned to Revenue & Finance Committee 3/13/2009HouseRule 19(a) / Re-referred to Rules Committee 1/11/2011HouseSession Sine Die