House Sponsors: BROWN. Short description: PROP TX-ABATE-SENIOR CITIZENS Synopsis of Bill as introduced: Amends the Property Tax Code. Provides that the county clerk shall abate the tax extended for educational purposes on property that (i) is owned by an individual 68 years of age or older and (ii) qualifies for the General Homestead Exemption under the Code. Provides that the taxes shall be abated on a prorata basis. Provides that the aggregate abatement shall be in an amount equal to the balance in the Senior Citizens Property Tax Reduction Fund or an amount to abate 100% of the taxes levied for educational purposes on eligible properties, whichever is less. Provides that the county clerk shall annually transfer an amount equal to the amount of the abatement in the school district to that school district. Requires the State Comptroller to annually determine the State revenue surplus for the preceding fiscal year by subtracting expenditures out of the General Revenue Fund from receipts into that Fund during the preceding fiscal year. Provides that an amount equal to the revenue surplus for the preceding fiscal year shall be deposited into the Senior Citizens Property Tax Reduction Fund for the abatement. Provides that any surplus in the Fund after distribution to the county collectors shall be transferred to the General Revenue Fund. Amends the State Finance Act to create the Senior Citizens Property Tax Reduction Fund. Makes other changes. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status