IL SB3008

Limits the growth rate of general funds appropriations starting in fiscal year 2021 to not exceed the growth rate of Illinois median household income

Defines "rate of growth of the Illinois median household income" as the average annual growth rate of median household income over the preceding 10 calendar years

Requires the use of data from the U.S. Census Bureau's American Community Survey 1-Year Estimates (or equivalent survey) reported before December 31 preceding each fiscal year

Amends Section 50-5 of the State Budget Law of the Civil Administrative Code of Illinois