Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

30 ILCS 805/8.28

30 ILCS 105/5.708 new

30 ILCS 105/6z-80 new

35 ILCS 5/201

from Ch. 120, par. 2-201

35 ILCS 5/202.5 new

35 ILCS 5/901

from Ch. 120, par. 9-901

35 ILCS 200/14-20

35 ILCS 200/15-10

35 ILCS 200/15-163 new

35 ILCS 200/20-178

35 ILCS 200/31-25

35 ILCS 200/15-165 rep.

35 ILCS 200/15-167 rep.

35 ILCS 200/15-168 rep.

35 ILCS 200/15-169 rep.

35 ILCS 200/15-170 rep.

35 ILCS 200/15-172 rep.

35 ILCS 200/15-175 rep.

35 ILCS 200/15-176 rep.

35 ILCS 200/15-177 rep.

35 ILCS 200/15-180 rep.

Synopsis As Introduced
Amends the State Finance Act, the Illinois Income Tax Act, and the Property Tax Code. In the Property Tax Code, creates the standard homestead exemption in an amount equal to $150,000 and repeals Sections concerning various other homestead exemptions. In the Illinois Income Tax Act, increases the rate of tax on individuals and on trusts and estates from 3% to 5.7% and requires that the additional revenue generated from the increased rate must be deposited into the Homestead Property Tax Replacement Fund. Creates that Fund in the State Finance Act and requires that, from the moneys in that Fund, the Department of Revenue must make grants to taxing districts in the State in the amount of any decreased property tax revenue due to the implementation of the standard homestead exemption. Amends the State Mandates Act to require implementation without reimbursement. Makes various corresponding changes. Effective immediately, except that certain provisions concerning the repeal of homestead exemptions take effect January 1, 2009.

Actions 

Date	Chamber	Action
2/13/2008	House	Filed with the Clerk by Rep. Shane Cultra
2/14/2008	House	First Reading
2/14/2008	House	Referred to Rules Committee
3/3/2008	House	Assigned to Revenue Committee
3/14/2008	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	House	Session Sine Die

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