90th General Assembly
Summary of SB0937
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

House Sponsors:

Short description: 
PROP TX-HOMESTEAD EXEMPT                                                   

Synopsis of Bill as introduced:
        Amends  the  Property  Tax  Code.   Provides  that  a   homestead      
   exemption  shall  be  granted  that  is  limited to a reduction in the      
   equalized assessed value of homestead  property  equal  to  $4,500  in      
   counties  with  3,000,000  or more inhabitants and $3,500 in all other      
   counties.  Provides that this exemption shall not reduce the value  of      
   homestead  property to less than 50% of its current equalized assessed      
   value.  Deletes language basing  the  exemption  on  the  increase  in      
   assessed value for the current year above the equalized assessed value      
   of  the  property for 1977 up to the maximum reduction.  Provides that      
   the  reduction  (now  maximum  reduction)  for   land   with   certain      
   improvements  is limited to the reduction for property without certain      
   improvements multiplied by certain factors.  Provides that in no  case      
   may  the  value  of  an  apartment  building  owned  and operated as a      
   cooperative or a building that is a life care facility be  reduced  to      
   less  than  50%  of  its  current  equalized  assessed  value  by this      
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          35 ILCS 200/15-175                                                   
          Adds reference to:                                                   
          New Act                                                              
          30 ILCS 115/1                   from Ch. 85, par. 611                
          35 ILCS 105/3-5                 from Ch. 120, par. 439.3-5           
          35 ILCS 105/9                   from Ch. 120, par. 439.9             
          35 ILCS 105/9.5 new                                                  
          35 ILCS 110/3-5                 from Ch. 120, par. 439.33-5          
          35 ILCS 115/3-5                 from Ch. 120, par. 439.103-5         
          35 ILCS 120/1c-5 new                                                 
          35 ILCS 120/2-5                 from Ch. 120, par. 441-5             
          35 ILCS 120/3                   from Ch. 120, par. 442               
          35 ILCS 120/3.5 new                                                  
        Deletes  everything.    Creates   the   Qualified   Technological      
   Equipment  Leasing  Occupation  and  Use  Tax  Act.   Imposes a tax on      
   persons engaged in the State in  the  business  of  leasing  qualified      
   technological  equipment in Illinois at the rate of 8.25% of the gross      
   receipts received from the business.  Imposes a tax upon the privilege      
   of using in this  State  qualified  technological  equipment  that  is      
   leased  from a lessor at the rate of 8.25% of the leasing price of the      
   equipment paid to the lessor under a lease agreement.   Provides  that      
   each  month  the  Department  shall  pay  into  the  Local  Government      
   Distributive  Fund  20%  of the net revenue realized for the preceding      
   month under this Act.   Provides  that  the  remaining  80%  shall  be      
   distributed  under  the  Use Tax Act and the Retailers' Occupation Tax      
   Act.  Amends the Use Tax Act, the Service Use  Tax  Act,  the  Service      
   Occupation  Tax  Act,  and the Retailers' Occupation Tax Act to exempt      
   from  the  taxes  imposed  under  those  Act  qualified  technological      
   equipment sold to lessors  for  lease  under  leases  subject  to  the      
   Qualified  Technological Equipment Leasing Occupation and Use Tax Act.      
   Provides that the exemption is available for so long as the  equipment      
   is leased.  Provides that the exemptions are not subject to the sunset      
   provisions.   Provides that the exemptions for computer equipment used      
   in hospitals and certain property leased to a  governmental  body  are      
   exempt  from  the  sunset  provisions.   In  the  Use  Tax Act and the      
   Retailers' Occupation Tax Act, provides that a purchaser of  qualified      
   technological  equipment  may  obtain  a  refund of use and occupation      
   taxes paid administered by the Department of Revenue if the  purchaser      
   sells  the  property  to a rentor under a bona fide sale and leaseback      
   transaction to such purchaser within 90 days of the  first  functional      
   use of the property.  Makes other changes. Effective July 1, 1999.          
Last action on Bill: TOTAL VETO STANDS

   Last action date: 99-03-23

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


 Full Text  Bill Status