HB5077 Summary

• Amends the Illinois Income Tax Act to modify monthly transfers from the General Revenue Fund to the Local Government Distributive Fund, effective upon the bill becoming law.

• Changes the transfer amount to 1/10 of net revenue realized from income tax during the preceding month, replacing a more complex calculation based on individual and corporate income tax rates.

• Removes language pertaining to transfers beginning February 1, 2015, and subsequent changes scheduled for February 1, 2025, establishing a simplified, permanent transfer formula.

• Takes effect immediately upon becoming law.