House Sponsors: WAIT. Short description: SCHOOL DISTRICT INCOME TAX ACT Synopsis of Bill as introduced: Creates the School District Income Tax Act. Allows school districts to tax income after referendum approval. Provides for additional levies, administration and distribution of the tax, and penalties for violations. Applies only to income earned following 120 days after certification of the results of the referendum. Amends the Property Tax Code to provide for alteration of the educational fund rate accordingly. Amends the School Code to require that school districts certify such income tax levies and amounts realized thereby for property tax abatement purposes and to coordinate the calculation of school aid with the income tax levies by adjusting the qualifying rate and operating tax rate accordingly. Amends the State Finance Act to create a new special fund in the State Treasury. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status