Full Text of SB1150 102nd General Assembly
SB1150sam004 102ND GENERAL ASSEMBLY | Sen. Ann Gillespie Filed: 4/1/2022
| | 10200SB1150sam004 | | LRB102 04951 HLH 38499 a |
|
| 1 | | AMENDMENT TO SENATE BILL 1150
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1150, AS AMENDED, | 3 | | by inserting Article 20 in its proper numeric sequence as | 4 | | follows:
| 5 | | "ARTICLE 20. PROPERTY TAX REBATE | 6 | | Section 20-5. The State Finance Act is amended by adding | 7 | | Sections 5.971 and 8g-2 as follows: | 8 | | (30 ILCS 105/5.971 new) | 9 | | Sec. 5.971. The Property Tax Rebate Fund. | 10 | | (30 ILCS 105/8g-2 new) | 11 | | Sec. 8g-2. The Property Tax Rebate Fund; creation. There | 12 | | is hereby created in the State Treasury a special fund to be | 13 | | known as the Property Tax Rebate Fund. In addition to any other | 14 | | transfers that may be provided by law, on the effective date of |
| | | 10200SB1150sam004 | - 2 - | LRB102 04951 HLH 38499 a |
|
| 1 | | this amendatory Act of the 102nd General Assembly, or as soon | 2 | | thereafter as practical, but no later than June 30, 2022, the | 3 | | State Comptroller shall direct and the State Treasurer shall | 4 | | transfer the sum of $500,000,000 from the General Revenue Fund | 5 | | to the Property Tax Rebate Fund. Moneys from the Property Tax | 6 | | Rebate Fund shall be used for the purpose of one-time rebate | 7 | | payments provided under Section 208.5 of the Illinois Income | 8 | | Tax Act. | 9 | | Section 20-10. The Illinois Income Tax Act is amended by | 10 | | adding Section 208.5 as follows: | 11 | | (35 ILCS 5/208.5 new) | 12 | | Sec. 208.5. Residential real estate tax rebate. | 13 | | (a) The Department shall pay a one-time rebate to every | 14 | | individual taxpayer who files with the Department, on or | 15 | | before October 17, 2022, an Illinois income tax return for tax | 16 | | year 2021 and who qualifies, in that tax year, under rules | 17 | | adopted by the Department, for the income tax credit provided | 18 | | under Section 208 of this Act. The amount of the one-time | 19 | | rebate provided under this Section shall be the lesser of: (1) | 20 | | the amount of the credit allowed to the taxpayer under Section | 21 | | 208 for tax year 2021, including any amounts that would | 22 | | otherwise reduce a taxpayer's liability to less than zero, or | 23 | | (2) $300 per principal residence. | 24 | | (b) The one-time rebate payments provided under this |
| | | 10200SB1150sam004 | - 3 - | LRB102 04951 HLH 38499 a |
|
| 1 | | Section shall be paid from the Property Tax Rebate Fund | 2 | | created in Section 8g-2 of the State Finance Act. | 3 | | (c) Beginning on July 5, 2022, the Department shall | 4 | | certify to the Comptroller the names of the taxpayers who are | 5 | | eligible for a one-time rebate under this Section, the amounts | 6 | | of those rebates, and any other information that the | 7 | | Comptroller requires to direct the payment of the rebates | 8 | | provided under this Section to taxpayers. | 9 | | (d) Notwithstanding any other law to the contrary, the | 10 | | one-time rebates provided under this Section shall not be | 11 | | subject to offset by the Comptroller against any liability | 12 | | owed either to the State or to any unit of local government. | 13 | | (e) On July 1, 2023, or as soon thereafter as practical, | 14 | | the State Comptroller shall direct and the State Treasurer | 15 | | shall transfer any unencumbered amount remaining in the | 16 | | Property Tax Rebate Fund from the Property Tax Rebate Fund to | 17 | | the General Revenue Fund. | 18 | | (f) This Section is repealed on January 1, 2024. | 19 | | Section 20-15. The Illinois Administrative Procedure Act | 20 | | is amended by adding Section 5-45.22 as follows: | 21 | | (5 ILCS 100/5-45.22 new) | 22 | | Sec. 5-45.22. Emergency rulemaking. To provide for the | 23 | | expeditious and timely implementation of this amendatory Act | 24 | | of the 102nd General Assembly, emergency rules implementing |
| | | 10200SB1150sam004 | - 4 - | LRB102 04951 HLH 38499 a |
|
| 1 | | this amendatory Act of the 102nd General Assembly may be | 2 | | adopted in accordance with Section 5-45 by the Department of | 3 | | Revenue. The adoption of emergency rules authorized by Section | 4 | | 5-45 and this Section is deemed to be necessary for the public | 5 | | interest, safety, and welfare. | 6 | | This Section is repealed one year after the effective date | 7 | | of this amendatory Act of the 102nd General Assembly. ".
|
|