Public Act 90-0553 of the 90th General Assembly
Public Act 90-0553
HB0752 Re-Enrolled LRB9003339KDpc
AN ACT concerning income taxes, amending named Acts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by adding
Sections 5.449 and 6z-42 as follows:
(30 ILCS 105/5.449 new)
Sec. 5.449. The Do-It-Yourself School Funding Fund.
(30 ILCS 105/6z-42 new)
Sec. 6z-42. The Do-It-Yourself School Funding Fund.
There is created in the State treasury the Do-It-Yourself
School Funding Fund. All moneys received by the Department
of Revenue under Section 245 of the Illinois Income Tax Act
shall be deposited into the Fund. The Department, pursuant
to appropriation, shall distribute to each school district
the amount of funds deposited into the Fund attributable to
taxpayers that reside in that school district, provided that
if a taxpayer does not reside in a unit school district, the
funds deposited into the Fund and attributable to that
taxpayer shall be distributed equally to the elementary
school district and high school district in which the
taxpayer resides.
Section 10. The Illinois Income Tax Act is amended by
adding Section 245 as follows:
(35 ILCS 5/245 new)
Sec. 245. The Do-It-Yourself School Funding Law. On any
original return for a taxable year ending on or after
December 31, 1998 and prior to December 31, 2000, a taxpayer
shall have the option to forgo claiming the exemptions
provided under subsections (b) and (c) of Section 204 or the
tax credit provided under Section 208 and instead may direct
that the additional amount of tax resulting from not claiming
the exemptions or credit shall be deposited into the
Do-It-Yourself School Funding Fund.