IL SB3010

Increases the percentage of income tax revenue deposited into the Local Government Distributive Fund beginning July 1, 2022: from 6.06% to 8% for individual/trust/estate taxes and from 6.85% to 9.11% for corporate taxes.

Adds 8% of net revenue from taxes on electing pass-through entities to deposits into the Local Government Distributive Fund beginning July 1, 2022.

Establishes that all amounts paid into the Local Government Distributive Fund are appropriated on a continuing basis, eliminating the need for annual appropriation.

Amendments to the State Revenue Sharing Act and Illinois Income Tax Act to implement these distribution changes.

Effective date: July 1, 2022.