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 Act shall be known and may
 3    be cited as the State Revenue Sharing Act.
 4    (Source: P.A. 91-51, eff. 6-30-99.)