WAIT. New Act 30 ILCS 105/5.545 new 35 ILCS 200/18-45 105 ILCS 5/17-11 from Ch. 122, par. 17-11 105 ILCS 5/18-8.05 Creates the School District Income Tax Act. Allows school districts to tax income after referendum approval of district residents and record owners of property in the district. Provides for additional levies, administration and distribution of the tax, and penalties for violations. Applies only to income earned following 120 days after certification of the results of the referendum. Creates a credit against the tax in an amount not to exceed $500 equal to 5% of the amounts spent by the taxpayer on monthly rent for the taxpayer's residence. Amends the Property Tax Code to provide for abatement of residential, farm, and small business property. Amends the School Code to require that school districts certify income tax levies and amounts realized for property tax abatement purposes and to coordinate the calculation of school aid with the income tax levies by adjusting the operating tax rate accordingly. Amends the State Finance Act to create the School District Income Tax Fund. Effective immediately. FEB-09-2001 H FILED WITH CLERK FEB-13-2001 H FIRST READING FEB-13-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2001 H ASSIGNED TO COMMITTEE REVENUE MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary