HOFFMAN, O'BRIEN, REITZ, CURRY,JULIE, HOLBROOK AND DAVIS,STEVE. 15 ILCS 20/38.4 new 30 ILCS 105/5.480 new 30 ILCS 115/7 new 35 ILCS 200/18-162 new 35 ILCS 200/18-255 35 ILCS 200/20-15 35 ILCS 200/21-30 Amends the State Finance Act and the State Revenue Sharing Act to create the Property Tax Relief Fund. Provides that the Governor shall include in each State budget a transfer, and shall direct the transfer of, as soon as practical after July 1, 1998 and each July 1 thereafter an amount equal to 25% of the projected revenue growth in the State's general funds, as estimated by the Bureau of the Budget, into the Property Tax Relief Fund, a special fund created in the State treasury. Provides that beginning July 1, 1999 and each July 1 thereafter the Governor shall also provide for deposit into the Fund of an amount equal to the amount deposited into the Fund in the previous fiscal year. Provides for distribution of the Fund, as determined by the Department of Revenue, to school districts subject to the School Code. Amends the Property Tax Code to provide for abatement of a portion of real property taxes based on the amount of funds distributed to the school district in which the property is located from the Property Tax Relief Fund. Amends the Civil Administrative Code of Illinois to provide that the Governor shall include in each State budget a transfer, and shall direct the transfer of, as soon as practical after July 1, 1998 and each July 1 thereafter an amount equal to 25% of the projected revenue growth in the State's general fund into the Education Assistance Fund. Effective July 1, 1998. 98-02-10 H FILED WITH CLERK 98-02-10 H FIRST READING 98-02-10 H REFERRED TO HOUSE RULES COMMITTEE RULES 98-02-18 H ADDED AS A CO-SPONSOR O'BRIEN 98-02-18 H ADDED AS A CO-SPONSOR REITZ 98-02-18 H ADDED AS A CO-SPONSOR CURRY,JULIE 98-02-18 H ADDED AS A CO-SPONSOR HOLBROOK 98-02-18 H ADDED AS A CO-SPONSOR DAVIS,STEVE 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary