PROP TX-REBATE

Amends the State Finance Act. Creates the Property Tax Rebate Trust Fund. Provides that moneys in the Fund shall be used to pay rebates to taxpayers who file an individual income tax return for a taxable year beginning in the previous calendar year and are responsible for paying real property taxes on a principal residence located in the State. Provides that $64,583,333 shall be transferred from the General Revenue Fund into the Property Tax Rebate Trust Fund each month. Amends the Illinois Income Tax Act. Provides that the credit for residential real property taxes sunsets on December 31, 2010. Effective immediately.