90th General Assembly
Summary of HB3664
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House Sponsors:

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      
          FISCAL NOTE (Bureau of the Budget)                                   
          The total of the New Teacher Fund and property tax credits are       
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

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


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