IL HB5818

Amends the Commission on Government Forecasting and Accountability Act to require a comprehensive report on state income tax policy and fiscal alternatives.

Report must analyze effects of 3 different flat income tax rates and 3 different graduated income tax rates across 5 federal adjusted gross income brackets ranging from under $25,000 to $500,000 or more.

Report shall consider alternative revenue sources to supplement or replace income taxes and spending cuts that could improve the state's fiscal condition.

Report must include analysis of how the federal Tax Cuts and Jobs Act affects Illinois' fiscal condition, developed with input from the Department of Revenue, research groups, tax policy organizations, business groups, and labor advocacy groups.

Report must be submitted to the Governor and General Assembly by December 31, 2018, with this provision automatically repealing on January 1, 2020.