INCOME TAX SURCHARGE

Proposes to amend the Education Article of the Illinois Constitution. Provides that beginning on January 1 of the year following adoption of the constitutional amendment, a surtax on or measured by income at a rate of 3% shall be levied annually on that portion of the income of individuals that exceeds $250,000. Provides that all receipts shall be deposited into the Education and Permanent Property Tax Relief Trust Fund. Provides that on July 1 of each year, 50% of the public funds in the Trust Fund shall be distributed in equal amounts to every taxpayer who is an owner-occupier of residential real property in the State and the other 50% shall be distributed equally on a per student basis to improve education in public schools through the secondary level. Effective upon being declared adopted in accordance with Section 7 of the Illinois Constitutional Amendment Act.