90th General Assembly
Summary of HB0507
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House Sponsors:

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      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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