House Bill 1605
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DIGEST OF INTRODUCED BILL
Local option income taxes. Provides for the distribution of all county adjusted gross income taxes and county option income taxes imposed in a county to county government, except for amounts necessary to meet a pledge of revenue made by another civil taxing unit before April 1, 2007. Transfers the responsibilities of the county income tax council under the county option income tax law and certain other laws to the county fiscal body. Extends the municipal option income tax that applies to Lake County to all counties, reduces the maximum permissible municipal option income tax rate, and permits the revenues from the municipal option income tax to be used for property tax relief, deposits in the municipality's rainy day fund, and other uses. Makes related changes. Repeals provisions referencing the county option income tax council and provisions providing an inventory tax deduction and an additional county economic development income tax rate that have expired.
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