IL SB0180

Increases monthly transfers from the General Revenue Fund to the Local Government Distributive Fund beginning July 1, 2023, with graduated increases through 2026.

From July 1, 2023 to June 30, 2024: transfers 8.5% of individual income tax revenue, 9.355% of corporate income tax revenue, and 8.5% of pass-through entity tax revenue.

From July 1, 2024 to June 30, 2025: transfers 9% of individual income tax revenue, 9.57% of corporate income tax revenue, and 9% of pass-through entity tax revenue.

From July 1, 2025 to June 30, 2026: transfers 9.5% of individual income tax revenue, 9.785% of corporate income tax revenue, and 9.5% of pass-through entity tax revenue.

Beginning July 1, 2026: permanently transfers 10% of all individual, corporate, and pass-through entity income tax revenue to the Local Government Distributive Fund, effective immediately.