Senate Sponsors: HALVORSON. Short description: PROP TAX-RESTRUCTURED REBATES Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that an individual taxpayer who paid residential real property taxes in 1999 on the taxpayer's principal residence is entitled to a restructured rebate in an amount equal to 5% of those taxes originally due and paid in 1999 or $300, whichever is less, minus the amount of any rebate paid to the taxpayer as part of the original homeowner's tax relief rebate. Requires the Department of Revenue to provide application forms and make all rebate payments by May 1, 2002 out of the Homeowners' Tax Relief Fund. Provides for the transfer of $24,000,000 from the Tobacco Settlement Recovery Fund to the Homeowners' Tax Relief Fund to pay for the rebates. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status