IL SB0589

Caps the rate of growth of general funds appropriations beginning with fiscal year 2022 budgets to not exceed the rate of growth of Illinois median household income.

Defines "rate of growth of the Illinois median household income" as the average annual growth rate of median household income over the preceding 10 calendar years, using data from the U.S. Census Bureau's American Community Survey 1-Year Estimates or equivalent successor survey.

Requires the income growth data to be reported by December 31 immediately preceding the beginning of the fiscal year.

Takes effect immediately upon becoming law.