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IL SB0509

Bill

Official Source

Status

Introduced

2/23/2021

Primary Sponsor

Donald DeWitte

Click for details

Origin

Senate

102nd General Assembly

AI Summary

SB0509 Summary

  • Amends the Illinois Income Tax Act to change the Local Government Distributive Fund transfer formula beginning August 1, 2021
  • Changes the transfer amount from 6.06% of individual income tax revenue plus 6.85% of corporate income tax revenue to a flat 10% of net revenue realized from all income tax imposed under Section 201
  • Maintains the previous distribution formula from August 1, 2017 through July 31, 2021
  • Takes effect immediately upon becoming law

Legislative Description

INC TX-LGDF

Last Action

Rule 3-9(a) / Re-referred to Assignments

4/16/2021

Committee Referrals

Assignments4/16/2021
Revenue3/3/2021
Assignments2/23/2021

Full Bill Text

No bill text available