IL HB2566

Imposes an annual 0.5% surcharge on income from passive investments where total passive investment value equals $2,000,000 or more, in addition to existing income tax under Section 201.

Defines "income from passive investments" as income from dividends, interest, capital gains, securities, bonds, mutual funds, investment trusts, and royalties from investment property, excluding income from regular business activity.

Directs all revenue from the passive income surcharge to be deposited into the Common School Fund.

Amends Section 901 of the Illinois Income Tax Act regarding collection authority and fund distributions.