Illinois HB2483 amends the Illinois Income Tax Act to redefine "surplus" in the Income Tax Refund Fund.
HB2483 amends the Illinois Income Tax Act by changing the definition of "surplus" in the Income Tax Refund Fund. Specifically, "surplus" now means the cash balance in the Income Tax Refund Fund at the end of the fiscal year, less amounts attributable to certain specified transfers. This change affects how surplus funds are managed and transferred to other funds within the state treasury. The bill takes effect immediately upon becoming law.
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