SB1341 Summary

• Beginning July 1, 2019, changes the monthly transfer from the General Revenue Fund to the Local Government Distributive Fund to equal 1/10 of net income tax revenue from individuals, trusts, estates, and corporations combined (instead of separate percentages for individuals and corporations).

• Replaces the previous tiered transfer rates (6.06% for individual income tax and 6.85% for corporate income tax) with a unified 10% allocation rate.

• Applies to net revenue realized from income taxes imposed under Section 201 of the Illinois Income Tax Act during the preceding month.

• Effective July 1, 2019.