IL SB1850

Increases the cigarette tax rate from 99 mills to 149 mills per cigarette, effective July 1, 2019.

Distributes tax revenues through July 1, 2023 as follows: 4 mills to Common School Fund (capped at $9,000,000 monthly), 7 mills to Common School Fund, 50 mills to Healthcare Provider Relief Fund, with remaining revenues allocated to General Revenue Fund, School Infrastructure Fund, and Long-Term Care Provider Fund.

Beginning July 1, 2023, establishes new distribution formula allocating revenues to Common School Fund (7%), Healthcare Provider Relief Fund (34%), Capital Projects Fund (34%), and General Revenue Fund (25%).

Eliminates any unpaid deficiencies in required distributions to various funds as of July 1, 2023.

Allows distributors a collection discount of 1.75% on the first $3,000,000 of tax paid annually and 1.5% on additional taxes paid.