IL SB3785

Amends the Illinois Income Tax Act to establish a phased increase in transfers from the General Revenue Fund to the Local Government Distributive Fund beginning February 1, 2021.

From February 1, 2021 through January 31, 2022: transfers equal 8.5% of individual income tax revenue and 9.355% of corporate income tax revenue.

From February 1, 2022 through January 31, 2023: transfers equal 9% of individual income tax revenue and 9.57% of corporate income tax revenue.

From February 1, 2023 through January 31, 2024: transfers equal 9.5% of individual income tax revenue and 9.785% of corporate income tax revenue.

Beginning February 1, 2024: transfers equal 10% of combined individual and corporate income tax revenue, effective immediately upon becoming law.