State of Illinois
90th General Assembly
Legislation

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90_HB0752eng

      30 ILCS 105/5.449 new
      30 ILCS 105/6z-42 new
      35 ILCS 5/245 new
          Amends the State Finance Act and the Illinois Income  Tax
      Act.   Provides  that  a  person  may  forgo claiming certain
      standard income tax exemptions or the property tax credit and
      may  instead  direct  that  the  additional  amount  of   tax
      resulting from not claiming the exemptions or credit shall be
      deposited  into    the  Do-It-Yourself School Funding Fund, a
      special fund created in the State  treasury.   Provides  that
      the  Department  of  Revenue  shall distribute to each school
      district the amount deposited into the Fund  attributable  to
      taxpayers  that reside in that school district. Provides that
      if a taxpayer does not reside in a unit school district,  the
      funds  deposited  into  the  Fund  and  attributable  to that
      taxpayer shall  be  distributed  equally  to  the  elementary
      school  district  and  high  school  district  in  which  the
      taxpayer resides.
                                                     LRB9003339KDpc
HB0752 Engrossed                               LRB9003339KDpc
 1        AN ACT concerning income taxes, amending named Acts.
 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:
 4        Section 5.  The State Finance Act is  amended  by  adding
 5    Sections 5.449 and 6z-42 as follows:
 6        (30 ILCS 105/5.449 new)
 7        Sec. 5.449.  The Do-It-Yourself School Funding Fund.
 8        (30 ILCS 105/6z-42 new)
 9        Sec.  6z-42.  The  Do-It-Yourself  School  Funding  Fund.
10    There  is  created  in  the State treasury the Do-It-Yourself
11    School Funding Fund.  All moneys received by  the  Department
12    of  Revenue  under Section 245 of the Illinois Income Tax Act
13    shall be deposited into the Fund.  The  Department,  pursuant
14    to  appropriation,  shall  distribute to each school district
15    the amount of funds deposited into the Fund  attributable  to
16    taxpayers  that reside in that school district, provided that
17    if a taxpayer does not reside in a unit school district,  the
18    funds  deposited  into  the  Fund  and  attributable  to that
19    taxpayer shall  be  distributed  equally  to  the  elementary
20    school  district  and  high  school  district  in  which  the
21    taxpayer resides.
22        Section  10.   The  Illinois Income Tax Act is amended by
23    adding Section 245 as follows:
24        (35 ILCS 5/245 new)
25        Sec. 245.  The  Do-It-Yourself  School  Funding  Law.   A
26    taxpayer   shall  have  the  option  to  forgo  claiming  the
27    exemptions provided under subsections (b) and (c) of  Section
28    204  or the tax credit provided under Section 208 and instead
HB0752 Engrossed            -2-                LRB9003339KDpc
 1    may direct that the additional amount of tax  resulting  from
 2    not claiming the exemptions or credit shall be deposited into
 3    the Do-It-Yourself School Funding Fund.

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