IL HB4849

Amends the Illinois Income Tax Act to increase monthly transfers from the General Revenue Fund to the Local Government Distributive Fund starting July 1, 2024.

Beginning July 1, 2024 through June 30, 2025, increases transfer percentages to 8.5% for individual/trust/estate income tax revenue and 9.355% for corporate income tax revenue.

Progressively increases transfer percentages through June 30, 2027, reaching 10% for all income tax categories (individuals, trusts, estates, corporations, and pass-through entities) by July 1, 2027.

Maintains existing transfer percentages of 6.16% to 6.47% for the period August 1, 2023 through June 30, 2024.

Takes effect immediately upon becoming law.