SB2199 Summary

• Reduces the monthly transfer from the General Revenue Fund to the Local Government Distributive Fund by 25%, effective July 1, 2017.

• Reduces by 20% the monthly deposits to the Local Government Tax Fund, County and Mass Transit District Fund, and State and Local Sales Tax Reform Fund, effective July 1, 2017.

• Amends the Illinois Income Tax Act, Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act to implement the revenue reductions.

• All reductions take effect July 1, 2017, with the act itself effective immediately upon becoming law.