House Sponsors: HOFFMAN, O'BRIEN, REITZ, CURRY,JULIE, HOLBROOK AND DAVIS,STEVE. Short description: PROP TX-ABATEMENT-SCHOOLS Synopsis of Bill as introduced: Amends the State Finance Act and the State Revenue Sharing Act to create the Property Tax Relief Fund. Provides that the Governor shall include in each State budget a transfer, and shall direct the transfer of, as soon as practical after July 1, 1998 and each July 1 thereafter an amount equal to 25% of the projected revenue growth in the State's general funds, as estimated by the Bureau of the Budget, into the Property Tax Relief Fund, a special fund created in the State treasury. Provides that beginning July 1, 1999 and each July 1 thereafter the Governor shall also provide for deposit into the Fund of an amount equal to the amount deposited into the Fund in the previous fiscal year. Provides for distribution of the Fund, as determined by the Department of Revenue, to school districts subject to the School Code. Amends the Property Tax Code to provide for abatement of a portion of real property taxes based on the amount of funds distributed to the school district in which the property is located from the Property Tax Relief Fund. Amends the Civil Administrative Code of Illinois to provide that the Governor shall include in each State budget a transfer, and shall direct the transfer of, as soon as practical after July 1, 1998 and each July 1 thereafter an amount equal to 25% of the projected revenue growth in the State's general fund into the Education Assistance Fund. Effective July 1, 1998. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status