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| [ Senate Amendment 004 ] |
91_HB3876enr HB3876 Enrolled LRB9112055SMdv 1 AN ACT concerning tax rebates. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Income Tax Act is amended by 5 adding Section 208.1 as follows: 6 (35 ILCS 5/208.1 new) 7 Sec. 208.1. Homeowners' Tax Relief rebate. 8 (a) The Department shall pay a rebate to taxpayers in 9 the amount of the Illinois income tax credit allowed under 10 Section 208 with respect to the taxpayer's 1999 Illinois 11 income tax return for residential real property taxes paid on 12 the principal residence of the taxpayer. The rebate shall 13 not, however, exceed $300 per principal residence. The 14 rebate shall be paid to all eligible taxpayers who have filed 15 a 1999 Illinois income tax return on or before October 17, 16 2000. 17 (b) Before June 30, 2000, the Comptroller shall order 18 transferred and the Treasurer shall transfer $280,000,000 19 from the Tobacco Settlement Recovery Fund to the Homeowners' 20 Tax Relief Fund, a special fund in the State Treasury. 21 Subject to appropriation, the Department shall make the 22 rebate payments out of the Homeowners' Tax Relief Fund. 23 (c) The Department shall certify the names of the 24 taxpayers whose returns were filed on or before July 17, 2000 25 and the rebate amounts to the Comptroller by August 15, 2000. 26 The Comptroller shall mail the rebate warrants to these 27 taxpayers by October 17, 2000. 28 (d) The Department shall certify the names of the 29 taxpayers whose returns were filed after July 17, 2000 and on 30 or before October 17, 2000 and the rebate amounts to the 31 Comptroller by November 17, 2000. The Comptroller shall mail HB3876 Enrolled -2- LRB9112055SMdv 1 the rebate warrants to these taxpayers by December 15, 2000. 2 (e) Any unencumbered amount in the Homeowners' Tax 3 Relief Fund on January 1, 2001 shall be transferred to the 4 Budget Stabilization Fund, a special fund in the State 5 Treasury, and any amount remaining in the Homeowners' Tax 6 Relief Fund on July 1, 2001 shall be transferred to the 7 Budget Stabilization Fund. 8 Section 10. The State Finance Act is amended by adding 9 Sections 5.541 and 5.542 as follows: 10 (30 ILCS 105/5.541 new) 11 Sec. 5.541. The Homeowners' Tax Relief Fund. 12 (30 ILCS 105/5.542 new) 13 Sec. 5.542. The Budget Stabilization Fund. 14 Section 99. Effective date. This Act takes effect upon 15 becoming law.