BUGIELSKI-SAVIANO-CAPPARELLI-ZICKUS-BURKE, MADIGAN,MJ, WOJCIK,
LOPEZ, SANTIAGO, ROSKAM, MCAULIFFE, JOHNSON,TOM,
LYONS,JOSEPH, NOVAK, LEITCH, SMITH,MICHAEL, COWLISHAW,
HASSERT, KENNER, STROGER, GILES, BOLAND,
HOEFT, CROTTY, LANG, FEIGENHOLTZ, ERWIN, HOLBROOK AND BERGMAN.
TAX EXEMPTIONS-SCHOOL FUNDING
Synopsis of Bill as introduced:
Amends the State Finance Act and the Illinois Income Tax Act.
Provides that a person may forgo claiming certain standard income tax
exemptions or the property tax credit and may instead direct that the
additional amount of tax resulting from not claiming the exemptions or
credit shall be deposited into the Do-It-Yourself School Funding
Fund, a special fund created in the State treasury. Provides that the
Department of Revenue shall distribute to each school district the
amount deposited into the Fund attributable to taxpayers that reside
in that school district. Provides that if a taxpayer does not reside
in a unit school district, the funds deposited into the Fund and
attributable to that taxpayer shall be distributed equally to the
elementary school district and high school district in which the
FISCAL NOTE (Dept. of Revenue)
HB 752, an indeterminate amount of new revenues will be in-
creased to be allocated back to school districts. However,
HB 752 also will increase the Dept. of Revenue's administrative
costs to implement the new allocation sytem.
STATE MANDATES FISCAL NOTE
In the opinion of DCCA, HB752 fails to create a State mandate.
GOVERNOR'S AMENDATORY VETO MESSAGE
Recommends that the option provided by the Do-It-Yourself School
Funding Law shall apply only to original returns for a taxable year
ending on or after December 31, 1998 and prior to December 31, 2000.
Last action on Bill: PUBLIC ACT.............................. 90-0553
Last action date: 97-12-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status