IL HB0315

Increases transfers from the General Revenue Fund to the Local Government Distributive Fund in three phases: 8.5% (individual) and 9.355% (corporate) from February 1, 2022 through January 31, 2023; 9% (individual) and 9.57% (corporate) from February 1, 2023 through January 31, 2024; and 9.5% (individual) and 9.785% (corporate) from February 1, 2024 through January 31, 2025.

Beginning February 1, 2025, establishes a permanent 10% transfer rate to the Local Government Distributive Fund calculated from combined net revenue realized from individual, trust, estate, and corporate income taxes.

Extends the previous distribution percentages of 6.06% (individual) and 6.85% (corporate) only through January 31, 2022, replacing earlier scheduled rates.

Effective immediately upon becoming law.