IL SB0170

Creates the Financially Distressed Cities Fund to provide additional state revenue sharing to municipalities designated as financially distressed based on having tax rates in the highest 5% and per capita tax yield in the lowest 5% of their category

Expands eligibility for the Financially Distressed City designation to include non-home rule municipalities, not just home rule units as under current law

Requires monthly transfers to the Financially Distressed Cities Fund equal to 0.10% of net income tax revenue from individuals, trusts, estates, and corporations, minus amounts already distributed to these cities through the Local Government Distributive Fund

Prohibits the State from reducing revenues or imposing additional costs on financially distressed cities that are inconsistent with their approved Financial Plan and Budget

Exempts financially distressed cities from compliance with new State mandates that would cause additional costs during the period they hold the distressed designation, effective January 1, 2020