90th General Assembly
Summary of SB1333
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Senate Sponsors:

Short description: 
LOCAL OPTION PROP TX REDUCTION                                             

Synopsis of Bill as introduced:
        Creates the Local Option Property Tax Reduction  Act  and  amends      
   the  School  Code,  the  Property Tax Code, and the State Finance Act.      
   Authorizes school districts by referendum to impose an income  tax  on      
   individuals  resident  of the district at an annual rate not exceeding      
   2%. Requires the income tax revenues disbursed to a district each year      
   to be used to abate the extension in that year of real property  taxes      
   levied  by  the district on homestead property only.  Creates a credit      
   against the tax in an amount not to exceed $500 equal to 5% of amounts      
   spent by the taxpayer on monthly rent for  the  taxpayer's  residence.      
   Provides  that  for  purposes of the Property Tax Extension Limitation      
   Law the "aggregate  extension  base"  shall  not  be  reduced  by  any      
   abatement  pursuant  to  the  Local Option Property Tax Reduction Act.      
   Provides for a referendum repeal of the tax or a referendum change  in      
   the  rate  at which the tax is imposed or the percentage of the tax to      
   be  used  for  abatement.   Provides  for  the  manner   of   levying,      
   collecting, and disbursing the tax and for the manner in which the tax      
   revenues are used.  Effective immediately.                                  
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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