HB1573 Summary

• Reduces the transfer rate into the Tax Compliance and Administration Fund from 1.5% to 1% of collected sales taxes across multiple Illinois taxing entities.

• Applies to sales tax collections from the Regional Transportation Authority, counties, municipalities, metro-east park districts, local mass transit districts, and water commissions.

• Changes take effect on July 1, 2019, and apply to all future monthly disbursements and tax transfers to the compliance fund.

• Amends provisions in the State Finance Act, Counties Code, Illinois Municipal Code, and various special district acts to implement the uniform 1% rate reduction.