HB3745 Summary

• Creates an addition modification to Illinois income tax for corporations on deductions allowed under Internal Revenue Code Sections 243-246A (certain qualifying dividends paid to corporations) for taxable years ending on or after December 31, 2015.

• Directs revenue from this tax modification to be deposited into the 21st Century Workforce Development Fund, with 1/10 of monthly revenue attributed to these changes going to the Fund.

• Protects the 21st Century Workforce Development Fund from sweeps, administrative charges, chargebacks, or other fiscal/budgetary maneuvers that would transfer funds to other state funds.

• Requires the Department of Revenue to deposit monthly amounts into the 21st Century Workforce Development Fund net of Income Tax Refund Fund deposits.

• Takes effect immediately upon becoming law.