IL HB2483

Amends the Illinois Income Tax Act to define "surplus" for purposes of transferring excess funds from the Income Tax Refund Fund to the General Revenue Fund at the end of each fiscal year

Specifies that "surplus" means the cash balance remaining in the Income Tax Refund Fund at fiscal year end, minus amounts attributable to transfers owed to the Personal Property Tax Replacement Fund

The change clarifies how surplus calculations are made when determining what portion of Income Tax Refund Fund balances can be transferred to the General Revenue Fund

Takes effect immediately upon becoming law