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91_HB2687
LRB9102896PTpk
1 AN ACT concerning taxes.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Property Tax Surplus Credit Act.
6 Section 5. Property Tax Surplus Credit Fund. For any
7 fiscal year in which the revenues into the State's general
8 funds exceed the prior year's general funds revenues by more
9 than $750,000,000, the excess funds over that $750,000,000
10 shall be deposited into the Property Tax Surplus Credit Fund,
11 a special fund that is hereby created in the State treasury
12 to increase the property tax credit under Section 208 of the
13 Illinois Income Tax Act.
14 Section 10. Use of Fund. After the Department of Revenue
15 calculates the total dollar amount of the 5%-credit for
16 residential real property taxes taken under Section 208 of
17 the Illinois Income Tax Act in the preceding taxable year,
18 that amount shall be divided by 5 to determine the value of
19 each percentage point of the tax credit allowed. For as many
20 times as the amount in the Property Tax Surplus Credit Fund
21 is divisible by the percentage point value, the credit
22 allowed under Section 208 of the Illinois Income Tax Act must
23 be raised by an additional one percent for the suceeding
24 taxable year. The amount in the Fund securing the increased
25 tax credit percentage must be deposited into the General
26 Revenue Fund. The remainder funds stay in the Fund for use
27 under this Act.
28 Section 90. The Illinois Income Tax Act is amended by
29 changing Section 208 as follows:
-2- LRB9102896PTpk
1 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
2 Sec. 208. Tax credit for residential real property taxes.
3 Beginning with tax years ending on or after December 31,
4 1991, every individual taxpayer shall be entitled to a tax
5 credit equal to 5% of real property taxes paid by such
6 taxpayer during the taxable year on the principal residence
7 of the taxpayer, subject to adjustment under the Property Tax
8 Surplus Credit Act. In the case of multi-unit or multi-use
9 structures and farm dwellings, the taxes on the taxpayer's
10 principal residence shall be that portion of the total taxes
11 which is attributable to such principal residence.
12 (Source: P.A. 87-17.)
13 Section 95. The State Finance Act is amended by adding
14 Section 5.490 as follows:
15 (30 ILCS 105/5.490 new)
16 Sec. 5.490. The Property Tax Surplus Credit Fund.
17 Section 99. Effective date. This Act takes effect upon
18 becoming law.