RESIDENTIAL DEVELOPMENT TAX Senate SponsorsSen. Martin A. Sandoval 1/9/2007SenateSession Sine Die 35 ILCS 200/Art. 31.5 heading new35 ILCS 200/31.5-1 new35 ILCS 200/31.5-5 new35 ILCS 200/31.5-10 new35 ILCS 200/31.5-15 new Amends the Property Tax Code to create the Residential Development Tax Law. Imposes a tax of $5,000 on the privilege of constructing new residential housing in the State. Sets forth procedures for the collection of the tax. Provides that the proceeds of the tax must be deposited into the School Construction and Maintenance Fund. Provides that the tax is not imposed if any unit of local government imposes a fee or tax for the construction of the residential housing unit. Effective July 1, 2006. 2/24/2006SenateFiled with Secretary by Sen. Martin A. Sandoval 2/24/2006SenateFirst Reading 2/24/2006SenateReferred to Rules 2/24/2006SenateFiscal Note Requested by Sen. Martin A. Sandoval 1/9/2007SenateSession Sine Die