Bill Status of HB3391 93rd General Assembly
Short Description: INC TAX & PROP TAX-EDUCATION
Rep. George Scully, Jr.
| 1/11/2005||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Finance Act, the Illinois Income Tax Act, and the Property Tax Code. Beginning on July 1, 2003, increases income taxes and provides that two-thirds of the increased revenue shall be deposited into the School District Property Tax Relief Fund to fund property tax abatements and that one-third of the increased revenue shall be deposited into the Common School Fund. Provides a mechanism for property tax abatements. Effective July 1, 2003.