IL HB4455

Amends the Illinois Income Tax Act to increase monthly transfers from the General Revenue Fund to the Local Government Distributive Fund beginning August 1, 2023.

Establishes a graduated increase in transfer percentages from income tax revenue: 6.47% (individual/pass-through) and 6.85% (corporate) for August 2023-July 2024, escalating to 10% for all three categories starting August 1, 2030 and continuing thereafter.

Applies the percentage-based transfers to net revenue from individual income tax, corporate income tax, and electing pass-through entity taxes under Section 201 of the Illinois Income Tax Act.

Becomes effective immediately upon enactment.