House Sponsors: DANIELS-KUBIK-MULLIGAN-ROSKAM. Senate Sponsors: PHILIP-BUTLER-GEO-KARIS Short description: INC TX-SOUNDPROOFING CR Synopsis of Bill as introduced: Amends the Illinois Income Tax Act and the Civil Administrative Code of Illinois. Creates an income tax credit for taxpayers that receive a certificate of eligibility from the Department of Transportation in an amount equal to 50% of the amounts expended by the taxpayer on soundproofing a building that (1) is within 5 miles of O'Hare International Airport or Midway Airport or (2) is within the 60 day-night average sound level (DNL) noise contour area. Provides that the credit may not exceed $10,000 and may not reduce the taxpayer's liability under the Act to less than zero. Provides that the Department of Transportation, in cooperation with the communities surrounding O'Hare and the city of Chicago, shall prescribe rules for determining who is eligible for a certificate of eligibility for the credit. Applicable to tax years beginning on or after January 1, 1997. Sunsets the credit after 10 years. Effective immediately. HOME RULE NOTE HB1696 does not preempt home rule authority. STATE MANDATES FISCAL NOTE HB1696 fails to create a State mandate. SENATE AMENDMENT NO. 1. Deletes reference to: 20 ILCS 2705/49.34 new 35 ILCS 5/211 new Adds reference to: 30 ILCS 105/5.449 new 30 ILCS 105/5.550 new 35 ILCS 200/18-45 35 ILCS 200/18-185 105 ILCS 5/18-8 from Ch. 122, par. 18-8 Deletes everything. 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 corporations and 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. 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: THIRD READING - LOST 026-032-000 Last action date: 97-06-01 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status