HB 750

Abstract

Amends the State Finance Act. Creates the School District Property Tax Relief Fund. Requires annual appropriations from the education appropriation minimum to the School District Property Tax Relief Fund. Requires the Department of Revenue to annually certify the amounts of property tax relief grants that school districts will receive from the Fund. Sets forth procedures for appropriating these grants. Amends the Illinois Income Tax Act. Increases the tax rate for individuals, trusts, and estates from 3% to 5% and increased the tax rate for corporations from 4.8% to 8%. Includes retirement income within the definition of "base income" for certain individuals. Eliminates certain corporate exemptions. Creates the Family Tax Credit, which is a refundable tax credit. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Eliminates exemptions concerning newsprint and ink and concerning manufacturing and assembling machinery. Includes certain arts, entertainment, and recreation services within the definition of "sale at retail" in the Retailers' Occupation Tax Act. Amends the Property Tax Code. Requires county clerks to abate the extensions for educational purposes by the amount of the property tax relief grants. Amends the Motor Fuel Tax Law. Deletes provisions concerning discounts for timely filing and paying the taxes. Amends the School Code. In the State aid formula provisions, increases the foundation level of support and grant amount for supplemental general State aid. Provides for an education appropriation minimum and supplemental State aid for rapidly expanding school districts.