Illinois General Assembly - Bill Status for HB7031
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 Bill Status of HB7031  93rd General Assembly

Short Description:  INC TAX & PROP TAX-EDUCATION

House Sponsors
Rep. George Scully, Jr.

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/5.625 new
30 ILCS 105/6z-61 new
35 ILCS 5/201from Ch. 120, par. 2-201
35 ILCS 5/202.5 new
35 ILCS 5/804from Ch. 120, par. 8-804
35 ILCS 5/901from Ch. 120, par. 9-901
35 ILCS 200/18-178 new
35 ILCS 200/18-255
35 ILCS 200/20-15
35 ILCS 200/21-30

Synopsis As Introduced
Amends the State Finance Act, the Illinois Income Tax Act, and the Property Tax Code. Beginning on July 1, 2004, 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, 2004.

DateChamber Action
  2/9/2004HouseFiled with the Clerk by Rep. George Scully, Jr.
  2/9/2004HouseFirst Reading
  2/9/2004HouseReferred to Rules Committee
  1/11/2005HouseSession Sine Die

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