IL HB0278

Amends Section 901 of the Illinois Income Tax Act to modify the Local Government Distributive Fund (LGDF) transfer schedule, changing the end date from January 31, 2025 to January 31, 2017 for the February 1, 2015 through January 31, 2017 period.

Establishes a new transfer period beginning February 1, 2017 through January 31, 2018 with 8.5% of individual income tax revenue and 9.355% of corporate income tax revenue allocated to the LGDF.

Creates additional LGDF transfer periods from February 1, 2018 through January 31, 2020 with graduated percentages (8.5%-9.5% for individuals, 9.57%-9.785% for corporations).

Beginning February 1, 2020, transfers 10% of combined net revenue from individual, trust, estate, and corporate income taxes to the LGDF.

Takes effect upon becoming law.