House Sponsors: BUGIELSKI-SAVIANO-CAPPARELLI-ZICKUS-BURKE, MADIGAN,MJ, WOJCIK, LOPEZ, SANTIAGO, ROSKAM, MCAULIFFE, JOHNSON,TOM, LYONS,JOSEPH, NOVAK, LEITCH, SMITH,MICHAEL, COWLISHAW, HASSERT, KENNER, STROGER, GILES, BOLAND, HOEFT, CROTTY, LANG, FEIGENHOLTZ, ERWIN, HOLBROOK AND BERGMAN. Senate Sponsors: CRONIN-CARROLL-GEO-KARIS Short description: TAX EXEMPTIONS-SCHOOL FUNDING Synopsis of Bill as introduced: 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. FISCAL NOTE (Dept. of Revenue) HB 752, an indeterminate amount of new revenues will be in- creased to be allocated back to school districts. However, HB 752 also will increase the Dept. of Revenue's administrative costs to implement the new allocation sytem. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB752 fails to create a State mandate. GOVERNOR'S AMENDATORY VETO MESSAGE Recommends that the option provided by the Do-It-Yourself School Funding Law shall apply only to original returns for a taxable year ending on or after December 31, 1998 and prior to December 31, 2000. Last action on Bill: PUBLIC ACT.............................. 90-0553 Last action date: 97-12-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status