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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status