90th General Assembly
Summary of SB0728
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Senate Sponsors:

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


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