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90_HB3664
New Act
30 ILCS 105/5.480 new
30 ILCS 105/5.481 new
35 ILCS 5/208 from Ch. 120, par. 2-208
Creates the State Surplus Revenue Act. Provides that as
soon as possible after the end of the lapse period following
the end of each fiscal year the State Comptroller and State
Treasurer shall determine the amount of State surplus revenue
by calculating the excess, if any, of aggregate revenues
received by the State and deposited into the State's general
funds over the amount of aggregate expenditures from the
State's general funds from appropriations made for that
fiscal year. Provides that 30% of the State revenue surplus
shall be deposited into the Surplus Revenue Reserve Fund, a
special fund created in the State treasury, to cover any
shortages in the General Revenue Fund and 30% shall be
deposited into the New Teacher Fund, a special fund created
in the State treasury, to be distributed by the State Board
of Education to each school district in the State based on
the average daily attendance of the district, for the hiring
of new teachers. Provides that an amount not exceeding 40%
of the State surplus revenue shall be allocated by the
Department of Revenue among individual taxpayers in the form
of an income tax credit in proportion to the amount of
property taxes paid by the individual during the taxable
year. Amends the State Finance Act to create the Funds and
the Illinois Income Tax Act to create the credit. Effective
immediately.
LRB9010004KDks
LRB9010004KDks
1 AN ACT concerning State finances.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 State Surplus Revenue Act.
6 Section 5. State surplus revenue; distribution.
7 (a) As soon as possible after the end of the lapse
8 period following the end of each fiscal year, beginning with
9 fiscal year 1998, the State Treasurer and State Comptroller
10 shall determine the amount of State surplus revenue by
11 calculating the excess, if any, of aggregate revenues
12 received by the State and deposited into the State's general
13 funds during the fiscal year over the amount of aggregate
14 expenditures from the State's general funds from
15 appropriations made for that fiscal year. The State
16 Treasurer and State Comptroller shall certify the amount of
17 the State surplus revenue to the Governor, the Director of
18 Revenue, and the General Assembly.
19 (b) As soon as possible after the State revenue surplus
20 has been determined and certified as prescribed in subsection
21 (a), the Comptroller shall transfer from the General Revenue
22 Fund to the State Revenue Reserve Fund an amount equal to 30%
23 of the State revenue surplus, which shall be used in
24 accordance with Section 10 of this Act.
25 (c) As soon as possible after the State revenue surplus
26 has been determined and certified as prescribed in subsection
27 (a), the Comptroller shall transfer from the General Revenue
28 Fund to the New Teacher Fund an amount equal to 30% of the
29 State revenue surplus, which shall be used in accordance with
30 Section 15 of this Act.
-2- LRB9010004KDks
1 Section 10. The State Revenue Reserve Fund. The State
2 Revenue Reserve Fund is created as a special fund in the
3 State treasury. Moneys in the Fund may be used by the
4 Comptroller and Treasurer to pay any obligation of the State
5 that is otherwise payable out of the General Revenue Fund,
6 whenever the revenues in the General Revenue Fund are
7 insufficient to pay those obligations.
8 Section 15. The New Teacher Fund. The New Teacher Fund
9 is created as a special fund in the State treasury. Moneys
10 in the Fund shall be used by the State Board of Education to
11 make distributions to each school district in the State in
12 proportion to that district's average daily attendance, as
13 determined by the method outlined in Section 18-8 or 18-8.05
14 of the School Code, whichever is applicable. The
15 distributions made in accordance with this Act shall be used
16 by the school district exclusively for the purpose of hiring
17 new teachers.
18 Section 20. Property Tax Relief. For taxable years
19 ending on or after December 31 of a year in which a State
20 surplus revenue was certified for the fiscal year that ended
21 the previous June 30, the Department shall grant individual
22 taxpayers an additional credit based on the property taxes
23 paid by the taxpayer during the taxable year in a total
24 annual amount not exceeding 40% of the amount so certified as
25 provided in subsection (b) of Section 208 of the Illinois
26 Income Tax Act.
27 Section 30. The State Finance Act is amended by adding
28 Sections 5.480 and 5.481 as follows:
29 (30 ILCS 105/5.480 new)
30 Sec. 5.480. The State Revenue Reserve Fund.
-3- LRB9010004KDks
1 (30 ILCS 105/5.481 new)
2 Sec. 5.481. The New Teacher Fund.
3 Section 35. The Illinois Income Tax Act is amended by
4 changing Section 208 as follows:
5 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
6 Sec. 208. Tax credit for residential real property taxes.
7 (a) Beginning with tax years ending on or after December
8 31, 1991, every individual taxpayer shall be entitled to a
9 tax credit equal to 5% of real property taxes paid by such
10 taxpayer during the taxable year on the principal residence
11 of the taxpayer. In the case of multi-unit or multi-use
12 structures and farm dwellings, the taxes on the taxpayer's
13 principal residence shall be that portion of the total taxes
14 which is attributable to such principal residence.
15 (b) Beginning with tax years ending on or after December
16 31, 1999, in a tax year ending on or after December 31 of a
17 year in which a State revenue surplus was certified at the
18 close of the fiscal year ending on the previous June 30, each
19 taxpayer claiming the credit under subsection (a) shall be
20 entitled to an additional credit against the taxes imposed
21 under this Act. The Department shall determine the amount of
22 the credit each taxpayer is entitled to by allocating an
23 amount not exceeding 40% of the amount of the certified State
24 revenue surplus among taxpayers claiming the credit under
25 subsection (a) pro rata based on the amount of property taxes
26 paid by the taxpayer during the taxable year. The amount of
27 the credit shall be applied against any delinquent taxes owed
28 by the taxpayer or against the taxpayer's liability in the
29 following tax year. The Department shall adopt reasonable
30 rules to implement the procedures for calculating and
31 awarding the credit. This subsection is exempt from the
32 provisions of Section 250 of this Act.
-4- LRB9010004KDks
1 (Source: P.A. 87-17.)
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.