91st General Assembly
Summary of HB3876
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House Sponsors:
DANIELS-MADIGAN,MJ-O'CONNOR-CAPPARELLI-WINKEL, BASSI, 
   BELLOCK, BIGGINS, BLACK, BOST, BRADY, COULSON, COWLISHAW, 
   DAVIS,MONIQUE, DURKIN, HASSERT, HOEFT, HULTGREN, 
   JOHNSON,TOM, JONES,JOHN, KLINGLER, KOSEL, KRAUSE, LAWFER, 
   LINDNER, LYONS,EILEEN, MATHIAS, MCAULIFFE, MEYER, 
   MITCHELL,JERRY, MOFFITT, MOORE,ANDREA, MULLIGAN, 
   OSMOND, OSTERMAN, PANKAU, PARKE, PERSICO, POE, RIGHTER, 
   RYDER, SAVIANO, SCHMITZ, SKINNER, SOMMER, STEPHENS, 
   TURNER,JOHN, WAIT, WINTERS, WIRSING, WOJCIK AND ZICKUS.

Senate Sponsors:
O'MALLEY-RADOGNO-NOLAND-DONAHUE-LAUZEN

Short description: 
INCOME TAXES-CREDIT PRPTY TX                                               

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Makes a technical change  in      
   a Section concerning a tax credit for property taxes.                       
        SENATE AMENDMENT NO. 3. (Tabled April 14, 2000)                        
          Deletes reference to:                                                
          35 ILCS 5/208                                                        
          Adds reference to:                                                   
          35 ILCS 5/208.1 new                                                  
          30 ILCS 105/5.541 new                                                
          30 ILCS 105/5.542 new                                                
        Deletes  everything.   Amends  the  Illinois  Income   Tax   Act.      
   Provides  that  the  Department  of  Revenue  shall  pay  a  rebate to      
   taxpayers in the amount of the Illinois income tax credit allowed with      
   respect  to  the  taxpayer's  1999  Illinois  income  tax  return  for      
   residential property taxes paid, but not to exceed $300 per  principal      
   residence.     Provides  for  the  transfer  of  $280,000,000 from the      
   Tobacco Settlement Recovery Fund to the Homeowners'  Tax  Relief  Fund      
   from  which the Department of Revenue, subject to appropriation, shall      
   make the rebate payments. Provides that the Comptroller shall mail the      
   rebate warrants by October 15, 2000.  Provides for unused  amounts  to      
   be  transferred  to  the  Budget Stabilization Fund.  Amends the State      
   Finance Act to create the Homeowners' Tax Relief Fund and  the  Budget      
   Stabilization Fund.   Effective immediately.                                
        SENATE AMENDMENT NO. 4.                                                
        Deletes  everything.   Reinserts  provisions  similar  to  Senate      
   Amendment No. 3, but provides that the rebates shall be  paid  to  all      
   eligible taxpayers who have filed a 1999 Illinois income tax return on      
   or  before  October  17, 2000; provides that for those taxpayers whose      
   returns were filed on or before July 17, 2000, the  Comptroller  shall      
   mail  rebate warrants by October 17, 2000; and provides that for those      
   taxpayers whose returns were filed after  July  17,  2000  and  on  or      
   before October 17, 2000, the Comptroller shall mail rebate warrants by      
   December 15, 2000. Effective immediately.                                   
 
Last action on Bill: PUBLIC ACT.............................. 91-0703

   Last action date: 00-05-16

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


   END OF INQUIRY 



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