IL HB0158

Increases the share of state income tax revenue transferred to the Local Government Distributive Fund over a four-year phase-in period, starting February 1, 2020

Individual income tax allocation to local governments rises from 6.06% to 8.5% (Feb 2020), then 9% (Feb 2021), 9.5% (Feb 2022), and finally 10% (Feb 2023)

Corporate income tax allocation increases from 6.85% to 9.355% (Feb 2020), then 9.57% (Feb 2021), 9.785% (Feb 2022), and 10% (Feb 2023)

Restores local government funding to the full 10% share of net income tax revenue that existed prior to changes made during the 2011 income tax increase