IL SB3784

Changes the Local Government Distributive Fund transfer formula beginning July 1, 2020 from separate percentages for individual income tax (6.06%) and corporate income tax (6.85%) to a unified rate of 1/10 (10%) of combined net revenue from income taxes on individuals, trusts, estates, and corporations.

Ends the previous transfer formula on June 30, 2020 and eliminates a scheduled February 1, 2021 alternative formula that would have transferred 5.32% for individual income and 6.16% for corporate income.

Reduces total revenue and deposits under Section 901(b) by 5% for State fiscal year 2020 only, notwithstanding other provisions of law.

Effective July 1, 2020.