Rep. Arthur L. Turner

Amends the Illinois Horse Racing Act of 1975. Makes a technical change in a Section concerning the short title.

Amends the Illinois Income Tax Act. Increases the amount of the earned income tax credit from 5% of the federal credit to: (i) 7.5% of the federal tax credit for taxable years ending in calendar year 2007; and (ii) 10% of the federal tax credit for taxable years ending in calendar year 2008 or thereafter. Effective immediately.

Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.

Amends the State Housing Act. Makes a technical change in a Section concerning the short title.

Amends the Illinois Horse Racing Act of 1975. Makes a technical change in a Section concerning deposits of fees.

Amends the Assisted Living and Shared Housing Act. Makes a technical change in a Section concerning conversion of facilities.

Amends the School Code. Makes a technical change in a Section concerning charter schools.

Amends the Charter Schools Law of the School Code. Under specified circumstances, allows for a maximum of 5 additional charter schools exclusively for truants or dropouts in Chicago if the limit on the number of charter schools that may operate at any one time in the rest of the State has not been reached. Provides that if any of the additional charter schools are not used exclusively for truants or dropouts, then the State Board of Education shall withhold and the charter school shall forfeit all State funding designated for that school.

Amends the Public Utilities Act. Provides that any gas utility may enter into a contract for up to 20 years of supply with any company for the purchase of synthetic natural gas (rather than a 20-year supply contract with any company for synthetic natural gas) produced from coal through the gasification process if the company has commenced construction of a coal gasification facility by July 1, 2009 (rather than July 1, 2008). Makes changes in factors used to determine whether the cost for synthetic natural gas is reasonable and prudent. Effective immediately.

Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.