Senate Sponsors: SHAW. Short description: INC TAX RATES-PROP TAX ABATE Synopsis of Bill as introduced: Amends the Illinois Income Tax Act to increase the individual rate to 4.5% and the corporate rate to 7.2% (now 3% and 4.8% respectively). Provides that the additional revenue attributable to the increased rates shall be deposited into the Property Tax Abatement Fund. Amends the State Finance Act to create the Property Tax Abatement Fund. Provides that proceeds in the Fund shall be disbursed to various taxing districts in Illinois based on the ratio that a district's property tax collections bear to total property tax collections for all taxing districts. Amends the Property Tax Code to require a taxing district's extension on residential property only to be abated by $1 for every $1 received from the Property Tax Abatement Fund, except for school districts whose taxes on residential property only are abated $0.50 for every $1 received from the Fund. Provides that the application of the equalizer shall not cause an increase in the assessment of more than 5%. Amends the Property Tax Extension Limitation Law in the Property Tax Code to apply the Law statewide, including home rule units. Preempts home rule. Exempts this Act from the requirements of the State Mandates Act. Effective July 1, 1997. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status