Illinois General Assembly - Bill Status for SB3078
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 Bill Status of SB3078  95th General Assembly


Short Description:  INC TX-COUNTY CIRCUIT BREAKER

Senate Sponsors
Sen. M. Maggie Crotty

Last Action
DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/5.719 new
30 ILCS 105/6z-76 new
35 ILCS 5/208from Ch. 120, par. 2-208


Synopsis As Introduced
Amends the Illinois Income Tax Act. In a Section concerning the residential tax credit, provides that an individual taxpayer shall be entitled to the credit only if the taxpayer's adjusted gross income for the taxable year is less than $250,000. Provides that the credit shall be limited to $1,000 for each individual taxpayer. Amends the State Finance Act. Creates the County Circuit Breaker Matching Grants Fund. Provides that, by June 30, 2009 and by June 30 of each year thereafter, the State Comptroller and the State Treasurer shall transfer from the General Revenue Fund to the Circuit Breaker Matching Grants Fund an amount equal to the amount of the difference between the 5% residential property tax credit for 2007 and the amount of the credit for that taxable year. Provides that moneys in the Fund shall be transferred to counties that create a property tax circuit breaker. Effective immediately.

Actions 
DateChamber Action
  11/20/2008SenateFiled with Secretary by Sen. M. Maggie Crotty
  11/20/2008SenateFirst Reading
  11/20/2008SenateReferred to Rules
  1/13/2009SenateSession Sine Die

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