PETERSON. (MOORE,ANDREA-FANTIN) 35 ILCS 200/15-175 Amends the Property Tax Code. Provides that a homestead exemption shall be granted that is limited to a reduction in the equalized assessed value of homestead property equal to $4,500 in counties with 3,000,000 or more inhabitants and $3,500 in all other counties. Provides that this exemption shall not reduce the value of homestead property to less than 50% of its current equalized assessed value. Deletes language basing the exemption on the increase in assessed value for the current year above the equalized assessed value of the property for 1977 up to the maximum reduction. Provides that the reduction (now maximum reduction) for land with certain improvements is limited to the reduction for property without certain improvements multiplied by certain factors. Provides that in no case may the value of an apartment building owned and operated as a cooperative or a building that is a life care facility be reduced to less than 50% of its current equalized assessed value by this exemption. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 200/15-175 Adds reference to: New Act 30 ILCS 115/1 from Ch. 85, par. 611 35 ILCS 105/3-5 from Ch. 120, par. 439.3-5 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 105/9.5 new 35 ILCS 110/3-5 from Ch. 120, par. 439.33-5 35 ILCS 115/3-5 from Ch. 120, par. 439.103-5 35 ILCS 120/1c-5 new 35 ILCS 120/2-5 from Ch. 120, par. 441-5 35 ILCS 120/3 from Ch. 120, par. 442 35 ILCS 120/3.5 new Deletes everything. Creates the Qualified Technological Equipment Leasing Occupation and Use Tax Act. Imposes a tax on persons engaged in the State in the business of leasing qualified technological equipment in Illinois at the rate of 8.25% of the gross receipts received from the business. Imposes a tax upon the privilege of using in this State qualified technological equipment that is leased from a lessor at the rate of 8.25% of the leasing price of the equipment paid to the lessor under a lease agreement. Provides that each month the Department shall pay into the Local Government Distributive Fund 20% of the net revenue realized for the preceding month under this Act. Provides that the remaining 80% shall be distributed under the Use Tax Act and the Retailers' Occupation Tax Act. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act to exempt from the taxes imposed under those Act qualified technological equipment sold to lessors for lease under leases subject to the Qualified Technological Equipment Leasing Occupation and Use Tax Act. Provides that the exemption is available for so long as the equipment is leased. Provides that the exemptions are not subject to the sunset provisions. Provides that the exemptions for computer equipment used in hospitals and certain property leased to a governmental body are exempt from the sunset provisions. In the Use Tax Act and the Retailers' Occupation Tax Act, provides that a purchaser of qualified technological equipment may obtain a refund of use and occupation taxes paid administered by the Department of Revenue if the purchaser sells the property to a rentor under a bona fide sale and leaseback transaction to such purchaser within 90 days of the first functional use of the property. Makes other changes. Effective July 1, 1999. 97-02-07 S FIRST READING 97-02-07 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-19 S ASSIGNED TO COMMITTEE REVENUE 97-02-28 S POSTPONED 97-03-06 S POSTPONED 97-03-13 S DO PASS 009-000-000 SREV 97-03-13 S PLACED ON CALENDAR ORDER OF 2ND READING 97-03-14 97-03-14 S SECOND READING 97-03-14 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-17 97-03-17 S THIRD READING - PASSED 057-000-000 97-03-18 H ARRIVE IN HOUSE 97-03-18 H PLACED CALENDAR ORDER OF FIRST READING 97-03-20 H HOUSE SPONSOR KUBIK 97-03-20 H FIRST READING 97-03-20 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-20 H ADDED AS A JOINT SPONSOR FANTIN 97-03-21 H ASSIGNED TO COMMITTEE REVENUE 97-05-08 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 98-12-03 H ALTERNATE PRIMARY SPONSOR CHANGED TO MOORE,ANDREA 98-12-03 H APPROVED FOR CONSIDERATION HRUL 98-12-03 H PLACED CAL 2ND READING-STANDARD DEBATE 98-12-03 H AMENDMENT NO. 01-CURRIE 98-12-03 H AMENDMENT REFERRED TO HRUL 98-12-03 H RULES REFERS TO HREV 98-12-03 H SECOND READING-STANDARD DEBATE 98-12-03 H HELD CAL ORDER 2ND READING-STANDARD DBT 99-01-11 H AMENDMENT NO. 01-CURRIE 99-01-11 H AMENDMENT REFERRED TO HRUL 99-01-11 H BE APPROVED FOR CONSIDERATION HRUL 99-01-11 H AMENDMENT NO. 01-CURRIE 99-01-11 H ADOPTED 99-01-11 H PLCD CAL ORDER 3RD READING-STNDRD DEBATE 99-01-11 H THIRD READING/STANDARD DEBATE/PASS 077-037-000 99-01-12 S SECRETARYS DESK - CONCURRENCE 01 99-01-12 S FILED WITH SECRETARY 99-01-12 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/PETERSON 99-01-12 S MOTION REFERRED TO SRUL 99-01-12 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/PETERSON 99-01-12 S BE APPROVED FOR CONSIDERATION SRUL 99-01-12 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/PETERSON 99-01-12 S SEN CONCURS IN HSE AMENDMENTS (NO.) 01/044-006-005 99-01-12 S PASSED BOTH HOUSES 99-01-28 S SENT TO THE GOVERNOR 99-03-23 S GOVERNOR VETOED 99-03-23 S TOTAL VETO STANDS END OF INQUIRY Full Text Bill Summary