Illinois HB4294 amends the Illinois Income Tax Act to adjust monthly transfers from the General Revenue Fund to the Local Government Distributive.
HB4294 modifies the Illinois Income Tax Act by altering the monthly transfers from the General Revenue Fund to the Local Government Distributive Fund. It specifies percentages of net revenue from various tax categories to be transferred, including taxes on individuals, trusts, estates, corporations, and pass-through entities. The bill also details the annual percentages for these transfers from fiscal year 2011 through 2026 and beyond, with specific percentages set for each fiscal year.
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- Core Provisions
- Implementation
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- Legal Framework
- Critical Issues
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