90th General Assembly
Summary of HB1696
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Short description: 
INC TX-SOUNDPROOFING CR                                                    

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act and the  Civil  Administrative      
   Code  of  Illinois.   Creates  an income tax credit for taxpayers that      
   receive  a  certificate  of  eligibility  from   the   Department   of      
   Transportation  in  an  amount equal to 50% of the amounts expended by      
   the taxpayer on soundproofing a building that (1) is within 5 miles of      
   O'Hare International Airport or Midway Airport or (2) is within the 60      
   day-night average sound level (DNL) noise contour area.  Provides that      
   the credit may not exceed $10,000 and may not  reduce  the  taxpayer's      
   liability  under  the  Act  to  less  than  zero.   Provides  that the      
   Department of Transportation,  in  cooperation  with  the  communities      
   surrounding  O'Hare and the city of Chicago, shall prescribe rules for      
   determining who is eligible for a certificate of eligibility  for  the      
   credit.   Applicable  to  tax  years  beginning on or after January 1,      
   1997.  Sunsets the credit after 10 years.  Effective immediately.           
          HOME RULE NOTE                                                       
          HB1696 does not preempt home rule authority.                         
          STATE MANDATES FISCAL NOTE                                           
          HB1696 fails to create a State mandate.                              
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          20 ILCS 2705/49.34 new                                               
          35 ILCS 5/211 new                                                    
          Adds reference to:                                                   
          30 ILCS 105/5.449 new                                                
          30 ILCS 105/5.550 new                                                
          35 ILCS 200/18-45                                                    
          35 ILCS 200/18-185                                                   
          105 ILCS 5/18-8                 from Ch. 122, par. 18-8              
        Deletes  everything.   Creates  the  Local  Option  Property  Tax      
   Reduction Act and amends the School Code, the Property Tax  Code,  and      
   the  State  Finance Act.  Authorizes school districts by referendum to      
   impose an income tax on corporations and individuals resident  of  the      
   district  at  an annual rate not exceeding 2%. Requires the income tax      
   revenues disbursed to a district each year to be  used  to  abate  the      
   extension  in that year of real property taxes levied by the district.      
   Provides that for purposes of the Property  Tax  Extension  Limitation      
   Law  the  "aggregate  extension  base"  shall  not  be  reduced by any      
   abatement pursuant to the Local Option  Property  Tax  Reduction  Act.      
   Provides  for a referendum repeal of the tax or a referendum change in      
   the rate at which the tax is imposed or the percentage of the  tax  to      
   be   used   for  abatement.   Provides  for  the  manner  of  levying,      
   collecting, and disbursing the tax and for the manner in which the tax      
   revenues are used.  Effective immediately.                                  
Last action on Bill: THIRD READING - LOST                     026-032-000

   Last action date: 97-06-01

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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