SB2249 Summary

• Reduces the transfer rate to the Tax Compliance and Administration Fund from 2% to 1% for sales tax distributions from the County and Mass Transit District Fund, Regional Transportation Authority, and other local taxing bodies.

• Applies the 1% rate reduction across multiple revenue sources including home rule county retailers' occupation taxes, municipal taxes, metro-area park district taxes, mass transit district taxes, and water commission taxes.

• Amends the State Finance Act, Counties Code, Illinois Municipal Code, Metro-East Park and Recreation District Act, Local Mass Transit District Act, Regional Transportation Authority Act, and Water Commission Act of 1985 to reflect the reduced transfer rate.

• Requires the Department of Revenue to certify and transfer the reduced 1% amount into the Tax Compliance and Administration Fund at the time of each monthly disbursement to local taxing bodies.