House Sponsors: MCCARTHY-CROTTY-BROSNAHAN-SAVIANO-SCULLY, MCGUIRE, HOFFMAN, BUGIELSKI, FLOWERS, FRANKS, LANG, LYONS,JOSEPH, NOVAK, O'BRIEN, ZICKUS, BOLAND, MEYER, JONES,JOHN, ACEVEDO, LOPEZ AND MCKEON. Senate Sponsors: O'MALLEY Short description: PROP TAX-RESTRUCTURED REBATES Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that an individual taxpayer who paid residential real property taxes in 1999 on the taxpayer's principal residence is entitled to a restructured rebate in an amount equal to 5% of those taxes originally due and paid in 1999 or $300, whichever is less, minus the amount of any rebate paid to the taxpayer as part of the original homeowner's tax relief rebate. Requires the Department of Revenue to provide application forms and make all rebate payments by May 1, 2001 out of the Homeowners' Tax Relief Fund. Effective immediately. STATE DEBT NOTE, H-AM 1 (Economic and Fiscal Commission) HB4738, as amended, would not affect the bonding authorization of the State, and, therefore, has no direct impact on the level of State indebtedness. HOUSE AMENDMENT NO. 1. Provides that before April 1, 2001, the Comptroller shall order transferred and the Treasurer shall transfer an additional $24,000,000 from the Tobacco Settlement Recovery Fund to the Homeowners' Tax Relief Fund. Subject to appropriation, the Department of Revenue shall make the restructured homeowners' tax relief rebate payments out of the Homeowners' Tax Relief Fund. Provides that the rebate applies to taxes paid on a taxpayer's "principal Illinois residence" (now "principal residence"). FISCAL NOTE, H-AM 1 (Department of Revenue) The Department cannot identify the number of Illinois property taxpayers that do not file an Illinois income tax return. Since there are too many reasons why an Illinois property taxpayer would not file a State income tax return, and an aggregate number of non-filers are not identifiable, the Department cannot determine the anticipated number of additional rebates to be paid, or the average rebate claimed. Despite the fact that $24 million is appropriated for this restructured rebate program, the potential exists for taxpayers to file more rebate claims than the Department is given expenditure authority for in this bill. STATE MANDATES NOTE, H-AM 1 (Department of Commerce and Community Affairs) This legislation does not create a State mandate. Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status