SHAW. 30 ILCS 105/5.449 new 30 ILCS 105/6z-42 new 30 ILCS 805/8.21 new 35 ILCS 5/201 from Ch. 120, par. 2-201 35 ILCS 5/901 from Ch. 120, par. 9-901 35 ILCS 200/9-210 35 ILCS 200/16-65 35 ILCS 200/17-5 35 ILCS 200/18-165 35 ILCS 200/18-185 35 ILCS 200/18-213 35 ILCS 200/18-242 new Amends the Illinois Income Tax Act to increase the individual rate to 4.5% and the corporate rate to 7.2% (now 3% and 4.8% respectively). Provides that the additional revenue attributable to the increased rates shall be deposited into the Property Tax Abatement Fund. Amends the State Finance Act to create the Property Tax Abatement Fund. Provides that proceeds in the Fund shall be disbursed to various taxing districts in Illinois based on the ratio that a district's property tax collections bear to total property tax collections for all taxing districts. Amends the Property Tax Code to require a taxing district's extension on residential property only to be abated by $1 for every $1 received from the Property Tax Abatement Fund, except for school districts whose taxes on residential property only are abated $0.50 for every $1 received from the Fund. Provides that the application of the equalizer shall not cause an increase in the assessment of more than 5%. Amends the Property Tax Extension Limitation Law in the Property Tax Code to apply the Law statewide, including home rule units. Preempts home rule. Exempts this Act from the requirements of the State Mandates Act. Effective July 1, 1997. 97-02-07 S FIRST READING 97-02-07 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-19 S ASSIGNED TO COMMITTEE REVENUE 97-03-06 S POSTPONED 97-03-06 S COMMITTEE REVENUE 97-03-15 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary