IL SB2206

Changes the Local Government Distributive Fund transfer formula beginning August 1, 2023 from separate percentages for individual income tax (6.16%), corporate income tax (6.85%), and pass-through entities (6.16%) to a single 10% transfer of net revenue from the tax imposed on individuals, trusts, and estates.

Defines net revenue as tax revenue deposited into the General Revenue Fund, Education Assistance Fund, Income Tax Surcharge Local Government Distributive Fund, Fund for the Advancement of Education, and Commitment to Human Services Fund during the month, minus refunds paid out during that same month.

Maintains the existing requirement that transferred amounts be directly deposited into the Local Government Distributive Fund as revenue is realized from individual income tax.

Takes effect immediately upon becoming law.