Bill Status of HB1051 95th General Assembly
Short Description: SCHOOLS-LOCAL OPTION INCOME TX
Rep. Annazette Collins
| 1/13/2009||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
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.