Amends the provisions of the State Revenue Sharing Act concerning personal property tax replacement income tax distributions. Provides that the Department of Revenue shall adjust the 1977 Tax Base of any taxing district located in any county in which, during the period between the ratification of the Illinois Constitution of 1970 and December 31, 1977, the supervisor of assessments reclassified property as real property that would have been classified as personal property immediately before the adoption of the Illinois Constitution of 1970. The adjusted 1977 Tax Base of the taxing district shall be determined without regard to that reclassification. Distributions shall be based on the revised 1977 Tax Base calculation. Amends the Illinois Income Tax Act. Provides a tax credit in an amount equal to the amount of real property tax paid in the taxable year for property, the property taxes on which are being cumulatively reduced to zero under the Property Tax Code. Amends the Property Tax Code. Provides that Stranded Property is property that would have been considered personal property for purposes of property taxation immediately before the adoption of the Illinois Constitution of 1970 but that is, on the effective date of this amendatory Act, taxed as real property. Provides that the Terminated Property Ratio is determined by dividing the 1977 assessed value of all Stranded Property in the County by the 2002 assessed value of all Stranded Property in the county. Provides that the assessed value of Stranded Property shall be reduced by its Terminated Property Ratio. Provides that Terminated Property is that portion of Stranded Property that has been reduced by the Terminated Property Ratio. Provides that, beginning on January 1, 2003, the supervisor of assessments shall cumulatively reduce the assessed value of Terminated Property to zero in 5% increments over a 20-year period. Preempts home rule. Effective July 1, 2003.
Sponsored bills
Amends the Criminal Code of 1961. Makes a technical change in a Section defining the offense of tattooing the body of a minor.
Amends the Economic Development Project Area Tax Increment Allocation Act of 1995. Makes a technical change in a Section containing the short title.
Amends the Criminal Code of 1961. Make technical changes in the unlawful use of weapons statute.
Creates the Illinois Vested Property Rights Act. Provides a legislative purpose and findings. Provides that the submittal of an application to a unit of local government for a site-specific development plan establishes a vested property right. Provides that a local government may not change its zoning laws or regulations regarding a parcel of property after an application for a site-specific plan for that property has been submitted. Provides that, once vested, a property right remains vested for a period of 10 years, and that period may not be extended unless expressly authorized by the local government. Provides that nothing in the Act shall be construed to impair, affect, or invalidate any rights vested in connection with planned unit developments or subdivisions that have been approved prior to the date of enactment. Provides that the Act applies to all zoning classifications existing at the time of the effective date of this Act of the 93rd General Assembly, and all property rights shall vest at the time of this effective date. Preempts home rule powers. Contains other provisions.
Amends the Illinois Income Tax Act. Removes a provision that requires a taxpayer to add to federal adjusted gross income, to arrive at base income for Illinois income tax purposes, distributions from a qualified tuition program under Section 529 of the Internal Revenue Code other than distributions from the College Savings Pool or the Illinois Prepaid Tuition Program to the extent those distributions were excluded from income in arriving at federal adjusted gross income. Amends the State Treasurer Act and further amends the Illinois Income Tax Act to allow an income tax deduction for moneys contributed in the taxable year to the College Savings Pool, the Illinois Prepaid Tuition Program, or to any other qualified tuition program under Section 529 of the Internal Revenue Code (now, deduction limited to College Savings Pool contributions). Effective immediately.
Amends the Criminal Code of 1961. Makes a technical change in a Section relating to possession of explosives or explosive or incendiary devices.
Amends the Criminal Code of 1961. Makes a technical change in a Section concerning the definition of "conviction".
Amends the Criminal Code of 1961. Makes a technical change to a Section concerning conspiracy.
Amends the Criminal Code of 1961. Makes a technical change in a Section concerning chain of custody.