Illinois General Assembly - Full Text of SB0002
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Full Text of SB0002  97th General Assembly




State of Illinois
2011 and 2012


Introduced 1/13/2011, by Sen. William Delgado


30 ILCS 105/5.786 new
30 ILCS 105/6z-85 new
35 ILCS 5/208  from Ch. 120, par. 2-208
35 ILCS 5/517 new

    Amends the State Finance Act. Creates the Property Tax Rebate Trust Fund. Provides that moneys in the Fund shall be used to pay rebates to taxpayers who file an individual income tax return for a taxable year beginning in the previous calendar year and are responsible for paying real property taxes on a principal residence located in the State. Provides that $64,583,333 shall be transferred from the General Revenue Fund into the Property Tax Rebate Trust Fund each month. Amends the Illinois Income Tax Act. Provides that the credit for residential real property taxes sunsets on December 31, 2010. Effective immediately.

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SB0002LRB097 05711 HLH 45775 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The State Finance Act is amended by adding
5Sections 5.786 and 6z-85 as follows:
6    (30 ILCS 105/5.786 new)
7    Sec. 5.786. The Property Tax Rebate Trust Fund.
8    (30 ILCS 105/6z-85 new)
9    Sec. 6z-85. The Property Tax Rebate Trust Fund; uses.
10    (a) The Property Tax Rebate Trust Fund is hereby created as
11a special fund in the State treasury. Moneys in the Fund shall
12be used to pay rebates as provided in this Section. Beginning
13in 2012, as soon as practical after July 15 of each year, the
14Department of Revenue shall pay a rebate to each taxpayer who
15files, no later than April 15 of that year, an individual
16income tax return in the State for a taxable year beginning in
17the previous calendar year and was responsible for paying real
18property taxes on his or her principal residence located in the
19State during the taxable year. Persons filing a joint return
20shall be treated as one taxpayer, and only one rebate may be
21issued per residence each year. The amount of the property tax
22rebate shall be equal to the balance of the Property Tax Rebate



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1Trust Fund as of July 1 of the calendar year divided by the
2number of eligible taxpayers, rounded to the next lowest dollar
3amount. The Department of Revenue shall certify the name of
4each taxpayer who is eligible for a rebate under this Section.
5The State Comptroller shall mail the rebate warrants to these
6taxpayers as soon as practical after receipt of the
7certification from the Department of Revenue. The Comptroller
8shall include a notice with the rebate warrant advising the
9taxpayer that the rebate is being provided as a result of the
10Taxpayer Accountability and Budget Stabilization Act passed by
11the General Assembly and signed into law by the Governor.
12    (b) Any rebate payment that is returned or otherwise is not
13cashed shall be redeposited into the Fund.
14    (c) Beginning on July 1, 2011, the State Comptroller shall
15order transferred and the State Treasurer shall transfer
16$64,583,333 from the General Revenue Fund into the Property Tax
17Rebate Trust Fund each month.
18    Section 10. The Illinois Income Tax Act is amended by
19changing Section 208 and by adding Section 517 as follows:
20    (35 ILCS 5/208)  (from Ch. 120, par. 2-208)
21    Sec. 208. Tax credit for residential real property taxes.
22For Beginning with tax years ending on or after December 31,
231991 and ending on or before December 31, 2010, every
24individual taxpayer shall be entitled to a tax credit equal to



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15% of real property taxes paid by such taxpayer during the
2taxable year on the principal residence of the taxpayer. In the
3case of multi-unit or multi-use structures and farm dwellings,
4the taxes on the taxpayer's principal residence shall be that
5portion of the total taxes which is attributable to such
6principal residence.
7(Source: P.A. 87-17.)
8    (35 ILCS 5/517 new)
9    Sec. 517. Property tax rebate information. For taxable
10years beginning on or after January 1, 2011, for the purposes
11of making distributions from the Property Tax Rebate Trust
12Fund, the Department shall print on its standard individual
13income tax form a provision allowing the taxpayer to indicate
14whether (i) he or she was responsible for paying real property
15taxes on his or her principal residence located in the State
16during the taxable year and (ii) he or she is the only person
17claiming a rebate for that residence. The Department shall
18develop a schedule to be attached to the individual income tax
19form for the purpose of verifying the taxpayer's property tax
21    Section 99. Effective date. This Act takes effect upon
22becoming law.