SB3392 Summary

• Amends the Illinois Income Tax Act Section 901 to increase deposits into the Local Government Distributive Fund (LGDF) beginning February 1, 2021.

• Changes LGDF deposit percentages from 5.32% and 6.16% to 8.5% and 9.355% respectively for individual and corporate income taxes during February 1, 2021 through January 31, 2022.

• Establishes a phased increase schedule with higher percentages (9% and 9.57% for 2022-2023, 9.5% and 9.785% for 2023-2024, and 10% combined for both individual and corporate taxes starting February 1, 2024).

• Takes effect immediately upon becoming law.