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| [ Introduced ] | [ House Amendment 001 ] |
91_HB4738eng HB4738 Engrossed LRB9114795SMdvB 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 5. The Illinois Income Tax Act is amended by 5 changing Sections 208.1 and 901 and by adding Section 208.2 6 as follows: 7 (35 ILCS 5/208.1) 8 Sec. 208.1. Homeowners' tax relief rebate. 9 (a) The Department shall pay a rebate to taxpayers in 10 the amount of the Illinois income tax credit allowed under 11 Section 208 with respect to the taxpayer's 1999 Illinois 12 income tax return for residential real property taxes paid on 13 the principal residence of the taxpayer. The rebate shall 14 not, however, exceed $300 per principal residence. The 15 rebate shall be paid to all eligible taxpayers who have filed 16 a 1999 Illinois income tax return on or before October 17, 17 2000. 18 (b) Before June 30, 2000, the Comptroller shall order 19 transferred and the Treasurer shall transfer $280,000,000 20 from the Tobacco Settlement Recovery Fund to the Homeowners' 21 Tax Relief Fund, a special fund in the State Treasury. Before 22 April 1, 2001, the Comptroller shall order transferred and 23 the Treasurer shall transfer an additional $24,000,000 from 24 the Tobacco Settlement Recovery Fund to the Homeowners' Tax 25 Relief Fund, a special fund in the State Treasury. Subject to 26 appropriation, the Department shall make the rebate payments 27 out of the Homeowners' Tax Relief Fund. Subject to 28 appropriation, the Department shall make the rebate payments 29 authorized under Section 208.2 out of the Homeowners' Tax 30 Relief Fund. 31 (c) The Department shall certify the names of the HB4738 Engrossed -2- LRB9114795SMdvB 1 taxpayers whose returns were filed on or before July 17, 2000 2 and the rebate amounts to the Comptroller by August 15, 2000. 3 The Comptroller shall mail the rebate warrants to these 4 taxpayers by October 17, 2000. 5 (d) The Department shall certify the names of the 6 taxpayers whose returns were filed after July 17, 2000 and on 7 or before October 17, 2000 and the rebate amounts to the 8 Comptroller by November 17, 2000. The Comptroller shall mail 9 the rebate warrants to these taxpayers by December 15, 2000. 10 (e) Any unencumbered amount in the Homeowners' Tax 11 Relief Fund on May 1January 1, 2001 shall be transferred to 12 the Budget Stabilization Fund, a special fund in the State 13 Treasury, and any amount remaining in the Homeowners' Tax 14 Relief Fund on July 1, 2001 shall be transferred to the 15 Budget Stabilization Fund. 16 (Source: P.A. 91-703, eff. 5-16-00.) 17 (35 ILCS 5/208.2 new) 18 Sec. 208.2. Restructured homeowners' tax relief rebate. 19 (a) An individual taxpayer who paid residential real 20 property taxes in 1999 on the taxpayer's principal Illinois 21 residence is entitled to a rebate. The rebate shall be in an 22 amount equal to 5% of those taxes originally due and paid in 23 1999 or $300, whichever is less, minus the amount of any 24 rebate paid to the taxpayer under Section 208.1. 25 (b) On or before December 31, 2000, the Department shall 26 prepare and make available an application form for the rebate 27 authorized under this Section. The Department shall begin 28 accepting application forms for the rebate on January 1, 29 2001. To be eligible for a rebate under this Section the 30 applicant must submit a completed application form postmarked 31 on or before March 1, 2001. 32 (c) The Department shall make the rebate payments out of 33 the Homeowners' Tax Relief Fund. HB4738 Engrossed -3- LRB9114795SMdvB 1 (d) On or before April 1, 2001, the Department shall 2 certify the names of the taxpayers eligible for the rebate 3 under this Section whose application forms were postmarked on 4 or before March 1, 2001 and the rebate amounts to the 5 Comptroller. The Comptroller shall mail the rebate warrant 6 to these taxpayers by May 1, 2001. 7 (35 ILCS 5/901) (from Ch. 120, par. 9-901) 8 Sec. 901. Collection Authority. 9 (a) In general. 10 The Department shall collect the taxes imposed by this 11 Act. The Department shall collect certified past due child 12 support amounts under Section 2505-650 of the Department of 13 Revenue Law (20 ILCS 2505/2505-650). Except as provided in 14 subsections (c) and (e) of this Section, money collected 15 pursuant to subsections (a) and (b) of Section 201 of this 16 Act shall be paid into the General Revenue Fund in the State 17 treasury; money collected pursuant to subsections (c) and (d) 18 of Section 201 of this Act shall be paid into the Personal 19 Property Tax Replacement Fund, a special fund in the State 20 Treasury; and money collected under Section 2505-650 of the 21 Department of Revenue Law (20 ILCS 2505/2505-650) shall be 22 paid into the Child Support Enforcement Trust Fund, a special 23 fund outside the State Treasury, or to the State Disbursement 24 Unit established under Section 10-26 of the Illinois Public 25 Aid Code, as directed by the Department of Public Aid. 26 (b) Local Governmental Distributive Fund. 27 Beginning August 1, 1969, and continuing through June 30, 28 1994, the Treasurer shall transfer each month from the 29 General Revenue Fund to a special fund in the State treasury, 30 to be known as the "Local Government Distributive Fund", an 31 amount equal to 1/12 of the net revenue realized from the tax 32 imposed by subsections (a) and (b) of Section 201 of this Act 33 during the preceding month. Beginning July 1, 1994, and HB4738 Engrossed -4- LRB9114795SMdvB 1 continuing through June 30, 1995, the Treasurer shall 2 transfer each month from the General Revenue Fund to the 3 Local Government Distributive Fund an amount equal to 1/11 of 4 the net revenue realized from the tax imposed by subsections 5 (a) and (b) of Section 201 of this Act during the preceding 6 month. Beginning July 1, 1995, the Treasurer shall transfer 7 each month from the General Revenue Fund to the Local 8 Government Distributive Fund an amount equal to 1/10 of the 9 net revenue realized from the tax imposed by subsections (a) 10 and (b) of Section 201 of the Illinois Income Tax Act during 11 the preceding month. Net revenue realized for a month shall 12 be defined as the revenue from the tax imposed by subsections 13 (a) and (b) of Section 201 of this Act which is deposited in 14 the General Revenue Fund, the Educational Assistance Fund and 15 the Income Tax Surcharge Local Government Distributive Fund 16 during the month minus the amount paid out of the General 17 Revenue Fund in State warrants during that same month as 18 refunds to taxpayers for overpayment of liability under the 19 tax imposed by subsections (a) and (b) of Section 201 of this 20 Act. 21 (c) Deposits Into Income Tax Refund Fund. 22 (1) Beginning on January 1, 1989 and thereafter, 23 the Department shall deposit a percentage of the amounts 24 collected pursuant to subsections (a) and (b)(1), (2), 25 and (3), of Section 201 of this Act into a fund in the 26 State treasury known as the Income Tax Refund Fund. The 27 Department shall deposit 6% of such amounts during the 28 period beginning January 1, 1989 and ending on June 30, 29 1989. Beginning with State fiscal year 1990 and for each 30 fiscal year thereafter, the percentage deposited into the 31 Income Tax Refund Fund during a fiscal year shall be the 32 Annual Percentage. For fiscal years 1999 through 2001, 33 the Annual Percentage shall be 7.1%. For all other 34 fiscal years, the Annual Percentage shall be calculated HB4738 Engrossed -5- LRB9114795SMdvB 1 as a fraction, the numerator of which shall be the amount 2 of refunds approved for payment by the Department during 3 the preceding fiscal year as a result of overpayment of 4 tax liability under subsections (a) and (b)(1), (2), and 5 (3) of Section 201 of this Act plus the amount of such 6 refunds remaining approved but unpaid at the end of the 7 preceding fiscal year, the denominator of which shall be 8 the amounts which will be collected pursuant to 9 subsections (a) and (b)(1), (2), and (3) of Section 201 10 of this Act during the preceding fiscal year. The 11 Director of Revenue shall certify the Annual Percentage 12 to the Comptroller on the last business day of the fiscal 13 year immediately preceding the fiscal year for which it 14 is to be effective. 15 (2) Beginning on January 1, 1989 and thereafter, 16 the Department shall deposit a percentage of the amounts 17 collected pursuant to subsections (a) and (b)(6), (7), 18 and (8), (c) and (d) of Section 201 of this Act into a 19 fund in the State treasury known as the Income Tax Refund 20 Fund. The Department shall deposit 18% of such amounts 21 during the period beginning January 1, 1989 and ending on 22 June 30, 1989. Beginning with State fiscal year 1990 and 23 for each fiscal year thereafter, the percentage deposited 24 into the Income Tax Refund Fund during a fiscal year 25 shall be the Annual Percentage. For fiscal years 1999, 26 2000, and 2001, the Annual Percentage shall be 19%. For 27 all other fiscal years, the Annual Percentage shall be 28 calculated as a fraction, the numerator of which shall be 29 the amount of refunds approved for payment by the 30 Department during the preceding fiscal year as a result 31 of overpayment of tax liability under subsections (a) and 32 (b)(6), (7), and (8), (c) and (d) of Section 201 of this 33 Act plus the amount of such refunds remaining approved 34 but unpaid at the end of the preceding fiscal year, the HB4738 Engrossed -6- LRB9114795SMdvB 1 denominator of which shall be the amounts which will be 2 collected pursuant to subsections (a) and (b)(6), (7), 3 and (8), (c) and (d) of Section 201 of this Act during 4 the preceding fiscal year. The Director of Revenue shall 5 certify the Annual Percentage to the Comptroller on the 6 last business day of the fiscal year immediately 7 preceding the fiscal year for which it is to be 8 effective. 9 (3) The Comptroller shall order transferred and the 10 Treasurer shall transfer from the Tobacco Settlement 11 Recovery Fund to the Income Tax Refund Fund (i) 12 $35,000,000 in January, 2001, (ii) $35,000,000 in 13 January, 2002, and (iii) $35,000,000 in January, 2003. 14 (d) Expenditures from Income Tax Refund Fund. 15 (1) Beginning January 1, 1989, money in the Income 16 Tax Refund Fund shall be expended exclusively for the 17 purpose of paying refunds resulting from overpayment of 18 tax liability under Section 201 of this Act, for paying 19 rebates under SectionsSection208.1 and 208.2 in the 20 event that the amounts in the Homeowners' Tax Relief Fund 21 are insufficient for that purpose, and for making 22 transfers pursuant to this subsection (d). 23 (2) The Director shall order payment of refunds 24 resulting from overpayment of tax liability under Section 25 201 of this Act from the Income Tax Refund Fund only to 26 the extent that amounts collected pursuant to Section 201 27 of this Act and transfers pursuant to this subsection (d) 28 and item (3) of subsection (c) have been deposited and 29 retained in the Fund. 30 (3) As soon as possible after the end of each 31 fiscal year, the Director shall order transferred and the 32 State Treasurer and State Comptroller shall transfer from 33 the Income Tax Refund Fund to the Personal Property Tax 34 Replacement Fund an amount, certified by the Director to HB4738 Engrossed -7- LRB9114795SMdvB 1 the Comptroller, equal to the excess of the amount 2 collected pursuant to subsections (c) and (d) of Section 3 201 of this Act deposited into the Income Tax Refund Fund 4 during the fiscal year over the amount of refunds 5 resulting from overpayment of tax liability under 6 subsections (c) and (d) of Section 201 of this Act paid 7 from the Income Tax Refund Fund during the fiscal year. 8 (4) As soon as possible after the end of each 9 fiscal year, the Director shall order transferred and the 10 State Treasurer and State Comptroller shall transfer from 11 the Personal Property Tax Replacement Fund to the Income 12 Tax Refund Fund an amount, certified by the Director to 13 the Comptroller, equal to the excess of the amount of 14 refunds resulting from overpayment of tax liability under 15 subsections (c) and (d) of Section 201 of this Act paid 16 from the Income Tax Refund Fund during the fiscal year 17 over the amount collected pursuant to subsections (c) and 18 (d) of Section 201 of this Act deposited into the Income 19 Tax Refund Fund during the fiscal year. 20 (4.5) As soon as possible after the end of fiscal 21 year 1999 and of each fiscal year thereafter, the 22 Director shall order transferred and the State Treasurer 23 and State Comptroller shall transfer from the Income Tax 24 Refund Fund to the General Revenue Fund any surplus 25 remaining in the Income Tax Refund Fund as of the end of 26 such fiscal year; excluding for fiscal years 2000, 2001, 27 and 2002 amounts attributable to transfers under item (3) 28 of subsection (c) less refunds resulting from the earned 29 income tax credit. 30 (5) This Act shall constitute an irrevocable and 31 continuing appropriation from the Income Tax Refund Fund 32 for the purpose of paying refunds upon the order of the 33 Director in accordance with the provisions of this 34 Section. HB4738 Engrossed -8- LRB9114795SMdvB 1 (e) Deposits into the Education Assistance Fund and the 2 Income Tax Surcharge Local Government Distributive Fund. 3 On July 1, 1991, and thereafter, of the amounts collected 4 pursuant to subsections (a) and (b) of Section 201 of this 5 Act, minus deposits into the Income Tax Refund Fund, the 6 Department shall deposit 7.3% into the Education Assistance 7 Fund in the State Treasury. Beginning July 1, 1991, and 8 continuing through January 31, 1993, of the amounts collected 9 pursuant to subsections (a) and (b) of Section 201 of the 10 Illinois Income Tax Act, minus deposits into the Income Tax 11 Refund Fund, the Department shall deposit 3.0% into the 12 Income Tax Surcharge Local Government Distributive Fund in 13 the State Treasury. Beginning February 1, 1993 and 14 continuing through June 30, 1993, of the amounts collected 15 pursuant to subsections (a) and (b) of Section 201 of the 16 Illinois Income Tax Act, minus deposits into the Income Tax 17 Refund Fund, the Department shall deposit 4.4% into the 18 Income Tax Surcharge Local Government Distributive Fund in 19 the State Treasury. Beginning July 1, 1993, and continuing 20 through June 30, 1994, of the amounts collected under 21 subsections (a) and (b) of Section 201 of this Act, minus 22 deposits into the Income Tax Refund Fund, the Department 23 shall deposit 1.475% into the Income Tax Surcharge Local 24 Government Distributive Fund in the State Treasury. 25 (Source: P.A. 90-613, eff. 7-9-98; 90-655, eff. 7-30-98; 26 91-212, eff. 7-20-99; 91-239, eff. 1-1-00; 91-700, eff. 27 5-11-00; 91-704, eff. 7-1-00; 91-712, eff. 7-1-00; revised 28 6-28-00.) 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.