House Sponsors: MCKEON-FEIGENHOLTZ-FRITCHEY. Short description: EDUCATION-INC TX-PROP TX-AID Synopsis of Bill as introduced: Amends numerous Acts in relation to public education and taxation. Amends the Illinois Income Tax Act to raise the income tax rate to 3.75% for individuals, trusts, and estates. Provides for deposit of portions of the proceeds into the Common School Fund and the newly created Education Property Tax Relief Fund. Also creates a deduction for rent paid by a taxpayer on his or her principal residence. Amends the Property Tax Code and the State Revenue Sharing Act to provide for abatement of a portion of real property taxes. Amends the School Code to make changes in provisions concerning the basis for apportionment of general State financial aid and supplemental general State aid. Effective July 1, 2001. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status