House Sponsors: O'CONNOR. Short description: PROPERTY TAX CREDIT-SURPLUS Synopsis of Bill as introduced: Creates the Property Tax Surplus Credit Act and amends the Illinois Income Tax Act. Provides that for any fiscal year in which the revenues into the State's general funds exceed the prior year's general funds revenues by more than $750,000,000, the excess funds shall be deposited into the Property Tax Surplus Credit Fund. Provides that the Fund shall be used by the Department of Revenue to increase the income tax credit for residential property. Amends the State Finance Act to create the Fund. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status