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90_HB0752eng
30 ILCS 105/5.449 new
30 ILCS 105/6z-42 new
35 ILCS 5/245 new
Amends the State Finance Act and the Illinois Income Tax
Act. Provides that a person may forgo claiming certain
standard income tax exemptions or the property tax credit and
may instead direct that the additional amount of tax
resulting from not claiming the exemptions or credit shall be
deposited into the Do-It-Yourself School Funding Fund, a
special fund created in the State treasury. Provides that
the Department of Revenue shall distribute to each school
district the amount deposited into the Fund attributable to
taxpayers that reside in that school district. Provides that
if a taxpayer does not reside in a unit school district, the
funds deposited into the Fund and attributable to that
taxpayer shall be distributed equally to the elementary
school district and high school district in which the
taxpayer resides.
LRB9003339KDpc
HB0752 Engrossed LRB9003339KDpc
1 AN ACT concerning income taxes, amending named Acts.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Finance Act is amended by adding
5 Sections 5.449 and 6z-42 as follows:
6 (30 ILCS 105/5.449 new)
7 Sec. 5.449. The Do-It-Yourself School Funding Fund.
8 (30 ILCS 105/6z-42 new)
9 Sec. 6z-42. The Do-It-Yourself School Funding Fund.
10 There is created in the State treasury the Do-It-Yourself
11 School Funding Fund. All moneys received by the Department
12 of Revenue under Section 245 of the Illinois Income Tax Act
13 shall be deposited into the Fund. The Department, pursuant
14 to appropriation, shall distribute to each school district
15 the amount of funds deposited into the Fund attributable to
16 taxpayers that reside in that school district, provided that
17 if a taxpayer does not reside in a unit school district, the
18 funds deposited into the Fund and attributable to that
19 taxpayer shall be distributed equally to the elementary
20 school district and high school district in which the
21 taxpayer resides.
22 Section 10. The Illinois Income Tax Act is amended by
23 adding Section 245 as follows:
24 (35 ILCS 5/245 new)
25 Sec. 245. The Do-It-Yourself School Funding Law. A
26 taxpayer shall have the option to forgo claiming the
27 exemptions provided under subsections (b) and (c) of Section
28 204 or the tax credit provided under Section 208 and instead
HB0752 Engrossed -2- LRB9003339KDpc
1 may direct that the additional amount of tax resulting from
2 not claiming the exemptions or credit shall be deposited into
3 the Do-It-Yourself School Funding Fund.