IL SB3363

Changes the State Revenue Sharing Act to require the Department of Revenue to deposit income tax payments directly into the Local Government Distributive Fund beginning January 1, 2013, rather than depositing into the General Revenue Fund first and having the Treasurer transfer a percentage later.

Amends the Illinois Income Tax Act to include appropriations from the Local Government Distributive Fund in the definition of "State spending" for purposes of the state spending limitation in Section 201.5.

Modifies the distribution percentages and timing of deposits to the Local Government Distributive Fund across multiple periods from February 1, 2011 through December 31, 2025, with percentages varying based on individual and corporate income tax rates.

Establishes that the Department shall immediately deposit required amounts into the Local Government Distributive Fund upon receipt for all payments collected on or after December 1, 2012, effective January 1, 2013.

Takes effect immediately upon becoming law.