Date | Chamber | Action |
1/10/2017 | House | Session Sine Die |
New Act |
35 ILCS 5/208 | from Ch. 120, par. 2-208 |
30 ILCS 105/5.866 new |
30 ILCS 105/6z-101 new |
Fiscal Note (Dept. of Revenue) | |
To estimate the cost the Department added to the estimate the number of senior homeowners who did not file an income tax return and the number of homeowners under the age of 65 who did not file an income tax return. Not all non-filers are homeowners. The Department estimated that between 40 percent and 70 percent of non-filers are also homeowners. The Department also added back the number of income tax filers that paid property tax but did not claim the property tax credit. This gives a potential range of refund claims between 2,634,360 and 2,851,638. The total cost of the credits is each end of the range multiplied by the $500 refund. The total cost estimate is between $1,317,000,000 and $1,430,000,000. To calculate the marginal cost of the refund we must back out to cost of the current credit leaving us with a marginal (or budgetary) cost of between $760 million and $873 million. The theoretical maximum cost of the credit can be arrived at by taking the total number of homestead exemptions multiplied $500 by less than the current credit cost (3,185,765 * 500) - 556,000,000 = $1,036,333,660. The final annual cost range is between $760 million and $1.036 billion. |
Date | Chamber | Action | 2/27/2015 | House | Filed with the Clerk by Rep. John Bradley | 2/27/2015 | House | First Reading | 2/27/2015 | House | Referred to Rules Committee | 3/4/2015 | House | Added Co-Sponsor Rep. Martin J. Moylan | 3/4/2015 | House | Added Co-Sponsor Rep. Lawrence Walsh, Jr. | 3/4/2015 | House | Added Co-Sponsor Rep. Brandon W. Phelps | 3/6/2015 | House | Added Co-Sponsor Rep. Sam Yingling | 3/6/2015 | House | Added Co-Sponsor Rep. Silvana Tabares | 3/6/2015 | House | Added Co-Sponsor Rep. Kathleen Willis | 3/12/2015 | House | Assigned to Revenue & Finance Committee | 3/12/2015 | House | Added Co-Sponsor Rep. Deb Conroy | 3/13/2015 | House | To Property Tax Subcommittee | 3/19/2015 | House | Recommends Do Pass Subcommittee/ Revenue & Finance Committee; 004-002-000 | 3/19/2015 | House | Remains in Revenue & Finance Committee | 3/19/2015 | House | Do Pass / Short Debate Revenue & Finance Committee; 008-005-000 | 3/19/2015 | House | Placed on Calendar 2nd Reading - Short Debate | 3/26/2015 | House | Added Chief Co-Sponsor Rep. Litesa E. Wallace | 3/31/2015 | House | Added Co-Sponsor Rep. Daniel V. Beiser | 4/7/2015 | House | Added Co-Sponsor Rep. Camille Y. Lilly | 4/9/2015 | House | Added Chief Co-Sponsor Rep. Jack D. Franks | 4/13/2015 | House | Added Chief Co-Sponsor Rep. Michael J. Madigan | 4/14/2015 | House | Second Reading - Short Debate | 4/14/2015 | House | Held on Calendar Order of Second Reading - Short Debate | 4/14/2015 | House | Fiscal Note Requested by Rep. Ron Sandack | 4/20/2015 | House | Fiscal Note Filed (Revised) | 4/24/2015 | House | Rule 19(a) / Re-referred to Rules Committee | 6/4/2015 | House | Added Co-Sponsor Rep. Sue Scherer | 1/10/2017 | House | Session Sine Die |