SB 3078

Abstract

Amends the Illinois Income Tax Act. In a Section concerning the residential tax credit, provides that an individual taxpayer shall be entitled to the credit only if the taxpayer's adjusted gross income for the taxable year is less than $250,000. Provides that the credit shall be limited to $1,000 for each individual taxpayer. Amends the State Finance Act. Creates the County Circuit Breaker Matching Grants Fund. Provides that, by June 30, 2009 and by June 30 of each year thereafter, the State Comptroller and the State Treasurer shall transfer from the General Revenue Fund to the Circuit Breaker Matching Grants Fund an amount equal to the amount of the difference between the 5% residential property tax credit for 2007 and the amount of the credit for that taxable year. Provides that moneys in the Fund shall be transferred to counties that create a property tax circuit breaker. Effective immediately.