093_SB1461eng SB1461 Engrossed LRB093 11006 SJM 11663 b 1 AN ACT concerning taxes. 2 WHEREAS, Article IX, Section 5, subsection (c) of the 3 Illinois Constitution of 1970 provides that "On or before 4 January 1, 1979, the General Assembly by law shall abolish 5 all ad valorem personal property taxes and concurrently 6 therewith and thereafter shall replace all revenue lost by 7 units of local government and school districts as a result of 8 the abolition of ad valorem personal property taxes 9 subsequent to January 2, 1971."; and 10 WHEREAS, Public Act 81-1, 1st Special Session, abolished 11 the personal property tax and created the personal property 12 tax replacement income tax and the invested capital tax; and 13 WHEREAS, During the period between the ratification of 14 the Illinois Constitution of 1970 and December 31, 1977 a 15 number of counties in Illinois changed the way personal 16 property and real property were designated; and 17 WHEREAS, This change in the designation of personal and 18 real property was frozen by the passage of Public Act 81-1st. 19 S.S.-1, effective September 19, 1979; and 20 WHEREAS, As a result, in some counties, what is otherwise 21 commonly considered as personal property is taxed as real 22 property by the county under the Property Tax Code, and at 23 the same time taxpayers in those counties are required to pay 24 personal property tax replacement income tax and invested 25 capital tax; therefore 26 Be it enacted by the People of the State of Illinois, 27 represented in the General Assembly: 28 Section 5. The State Revenue Sharing Act is amended by 29 changing Section 0.1 as follows: SB1461 Engrossed -2- LRB093 11006 SJM 11663 b 1 (30 ILCS 115/0.1) (from Ch. 85, par. 610) 2 Sec. 0.1. Short title. This Actshall be known andmay 3 be cited as the State Revenue Sharing Act. 4 (Source: P.A. 91-51, eff. 6-30-99.)