Illinois HB1282 amends the Illinois Income Tax Act to adjust the percentage of tax revenue transferred to the Local Government Distributive Fund.
HB1282 amends the Illinois Income Tax Act to modify the percentage of tax revenue transferred from the General Revenue Fund to the Local Government Distributive Fund. The bill specifies different percentages for various fiscal years, affecting the distribution of tax revenue among different funds. It also details the calculation of the Annual Percentage and the conditions under which certain transfers are made. The changes are designed to ensure a consistent and equitable distribution of tax revenue to support local government needs.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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