IL HB3525

Creates the Debt Affordability Study Act requiring the Commission on Government Forecasting and Accountability to conduct a comprehensive study on state debt affordability.

Report must include current state debt amount, short-term and long-term debt projections, analysis of historical debt use and financial resources, impact of annual changes and new debt authorizations, and a mechanism to determine debt affordability as a guideline for future authorizations.

Commission must submit findings and recommendations to the Governor and General Assembly by August 1, 2019.

Act automatically repeals on January 1, 2021.

Effective immediately upon becoming law.