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SC0020SAM001 |
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LRB093 10982 LRD 49920 a |
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| (b) The People of the State of Illinois recognize that |
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| excessive
reliance on real property taxation for financing the |
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| system of public
education has impeded the fundamental goal of |
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| education. The official
policy of the State shall be to reduce |
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| taxes on owner-occupied residential
real property and to |
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| improve education by establishing the Education
and Permanent |
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| Property Tax Relief Trust Fund in this Article.
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| Beginning on January 1 of the year following adoption of |
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| this
Constitutional Amendment by the People, a surtax on or |
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| measured by
income at a rate of 3% shall be levied annually on |
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| that portion of the
adjusted gross income of individuals that |
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| exceeds $250,000. All receipts shall be
deposited into the |
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| Education and Permanent Property Tax Relief Trust
Fund. The |
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| corporate rate limitation ratio set forth in subsection (a) of
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| Section 3 of Article IX shall remain in effect and be measured |
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| by the
non-graduated rate authorized in Section 3 of Article |
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| IX.
Interest earned
on the Education and Permanent Property Tax |
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| Relief Trust Fund shall be
allocated to the Trust Fund.
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| On July 1 of each year, 50% of the public funds in the |
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| Education
and Permanent Property Tax Relief Trust Fund shall be |
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| distributed in
equal amounts to every taxpayer who is an |
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| owner-occupier of residential
real property in the State and |
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| the other 50% of the public funds in the
Trust Fund shall be |
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| distributed equally on a per student basis to improve
education |
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| in public schools through the secondary level.
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| The General Assembly shall provide by law for the |
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| implementation
of the public policy set forth in this |
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| subsection (b). Every distribution
from the Education and |
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| Permanent Property Tax Relief Trust Fund shall
include the name |
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| of each elected officer of the Executive Branch and
the |
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| following statement: "Adopted by
constitutional amendment by |
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| the People of the State of Illinois. |
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| Existing State funding for public education shall be not be |
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| supplanted, reduced, or adversely impacted by distributions |