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90_HB2410
30 ILCS 105/5.449 new
30 ILCS 105/6z-45 new
35 ILCS 200/18-162 new
Amends the Property Tax Code. Provides that the county
clerk shall abate the tax extended for educational purposes
on property that (i) is owned by an individual 68 years of
age or older and (ii) qualifies for the General Homestead
Exemption under the Code. Provides that the taxes shall be
abated on a prorata basis. Provides that the aggregate
abatement shall be in an amount equal to the balance in the
Senior Citizens Property Tax Reduction Fund or an amount to
abate 100% of the taxes levied for educational purposes on
eligible properties, whichever is less. Provides that the
county clerk shall annually transfer an amount equal to the
amount of the abatement in the school district to that school
district. Requires the State Comptroller to annually
determine the State revenue surplus for the preceding fiscal
year by subtracting expenditures out of the General Revenue
Fund from receipts into that Fund during the preceding fiscal
year. Provides that an amount equal to the revenue surplus
for the preceding fiscal year shall be deposited into the
Senior Citizens Property Tax Reduction Fund for the
abatement. Provides that any surplus in the Fund after
distribution to the county collectors shall be transferred to
the General Revenue Fund. Amends the State Finance Act to
create the Senior Citizens Property Tax Reduction Fund. Makes
other changes. Effective immediately.
LRB9007717KDpcA
LRB9007717KDpcA
1 AN ACT in relation to taxes.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Finance Act is amended by adding
5 Section 5.449 and 6z-45 as follows:
6 (30 ILCS 105/5.449 new)
7 Sec. 5.449. The Senior Citizen Property Tax Reduction
8 Fund.
9 (30 ILCS 105/6z-45 new)
10 Sec. 6z-45. The Senior Citizen Property Tax Reduction
11 Fund. As soon as possible after July 1, 1998 and each July 1
12 thereafter, the State Treasurer shall determine the State
13 revenue surplus for the preceding fiscal year. The revenue
14 surplus shall be determined by subtracting expenditures out
15 of the General Revenue Fund from receipts into that Fund
16 during the preceding fiscal year. On or before September 1,
17 1998 and each September 1 thereafter, the State Comptroller
18 shall transfer an amount equal to the revenue surplus for the
19 preceding fiscal year into the Senior Citizen Property Tax
20 Reduction Fund, which is created as a special fund in the
21 State treasury. On or before December 1, 1998 and each
22 December 1 thereafter, moneys in the Fund shall be
23 transferred to the county collectors for the tax abatement
24 provided for in Section 18-162 of the Property Tax Code.
25 Section 10. The Property Tax Code is amended by adding
26 Section 18-162 as follows:
27 (35 ILCS 200/18-162 new)
28 Sec. 18-162. Senior citizens school tax abatement.
-2- LRB9007717KDpcA
1 (a) In extending, during calendar year 1999 and each
2 calendar year thereafter, the educational purposes tax levy
3 for the immediately preceding calendar year of each school
4 district in the county, the county clerk shall abate the tax
5 levied by each school district on eligible property in the
6 county that (i) is owned by an individual who is 68 years of
7 age or older and (ii) qualifies for the General Homestead
8 Exemption under Section 15-175. The aggregate abatement
9 shall be an amount equal to the amount received by the county
10 collector for the year from the Senior Citizens Property Tax
11 Reduction Fund as provided in Section 6z-45 of the State
12 Finance Act. The tax shall be abated on the eligible
13 property located in the county on a prorata basis. If a
14 school district is located in more than one county, the
15 amount of the district's tax levy that is to be abated under
16 this Section shall be apportioned by the county clerks of
17 those counties based upon the ratio of the aggregate assessed
18 value of the eligible property of the school district within
19 each county.
20 (b) The chief county assessment officer shall determine
21 the eligibility of residential property to receive the
22 abatement by application, questionnaire, or other reasonable
23 methods. The determination shall be made in accordance with
24 guidelines established by the Department. After determining
25 eligible properties, the county clerk shall make application
26 to the State Comptroller for payment of moneys from the
27 Senior Citizen Property Tax Reduction Fund. The State
28 Comptroller shall transfer moneys from the Fund to the county
29 collectors on a prorata basis in an amount equal to the
30 balance in the Fund or the amount necessary to abate 100% of
31 the taxes for the eligible properties, whichever is less.
32 The State Comptroller shall transfer the moneys in accordance
33 with Section 6z-45 of the State Finance Act. Any surplus in
34 the Fund after distribution to the county collectors shall be
-3- LRB9007717KDpcA
1 transferred to the General Revenue Fund. During January, 1999
2 and during January of each year thereafter, the county clerk
3 shall record the amount received for each school district
4 from the Senior Citizen Property Tax Reduction Fund for the
5 year and shall transfer that amount to the school district to
6 replace the abated amount of the educational purposes tax
7 levy.
8 Section 99. Effective date. This Act takes effect upon
9 becoming law.