92nd General Assembly
Summary of HB3331
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House Sponsors:

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


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