House Sponsors: BROSNAHAN. Short description: REVENUE SURPLUS ACT Synopsis of Bill as introduced: Creates the State Surplus Revenue Act. Provides that as soon as possible after the end of the lapse period following the end of each fiscal year the State Comptroller and State Treasurer shall determine the amount of State surplus revenue by calculating the excess, if any, of aggregate revenues received by the State and deposited into the State's general funds over the amount of aggregate expenditures from the State's general funds from appropriations made for that fiscal year. Provides that 30% of the State revenue surplus shall be deposited into the Surplus Revenue Reserve Fund, a special fund created in the State treasury, to cover any shortages in the General Revenue Fund and 30% shall be deposited into the New Teacher Fund, a special fund created in the State treasury, to be distributed by the State Board of Education to each school district in the State based on the average daily attendance of the district, and for the hiring of new teachers. Provides that an amount not exceeding 40% of the State surplus revenue shall be allocated by the Department of Revenue among individual taxpayers in the form of an income tax credit in proportion to the amount of property taxes paid by the individual during the taxable year. Amends the State Finance Act to create the Funds and the Illinois Income Tax Act to create the credit. Effective immediately. FISCAL NOTE (Bureau of the Budget) The total of the New Teacher Fund and property tax credits are $454,300,000. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status