IL SB2413

Creates the Financially Distressed Cities Fund and requires the Comptroller to monthly transfer funds certified by the Department of Revenue based on 10% of net income tax revenue (individual and corporate) minus amounts already distributed to financially distressed cities.

Amends the State Revenue Sharing Act to allocate funds from the Financially Distressed Cities Fund to each financially distressed city proportionally based on population of all such cities combined.

Expands the definition of "financially distressed city" to include both home rule and non-home rule municipalities that meet certification criteria and are designated by joint resolution of the General Assembly.

Prohibits the State from reducing revenues or imposing additional costs on financially distressed cities unless consistent with their approved Financial Plan and Budget, and makes state mandates enacted during distressed designation unenforceable if they would cause the municipality to incur costs.

Effective January 1, 2022.