REVENUE-RATES AND EXEMPTIONS

Amends the State Finance Act, the Illinois Income Tax Act, and the Property Tax Code. In the Property Tax Code, creates the standard homestead exemption in an amount equal to $150,000 and repeals Sections concerning various other homestead exemptions. In the Illinois Income Tax Act, increases the rate of tax on individuals and on trusts and estates from 3% to 5.7% and requires that the additional revenue generated from the increased rate must be deposited into the Homestead Property Tax Replacement Fund. Creates that Fund in the State Finance Act and requires that, from the moneys in that Fund, the Department of Revenue must make grants to taxing districts in the State in the amount of any decreased property tax revenue due to the implementation of the standard homestead exemption. Amends the State Mandates Act to require implementation without reimbursement. Makes various corresponding changes. Effective immediately, except that certain provisions concerning the repeal of homestead exemptions take effect January 1, 2009.