Illinois HB4294 amends the Illinois Income Tax Act to increase transfers from the General Revenue Fund to the Local Government Distributive Fund.
HB4294 amends the Illinois Income Tax Act to adjust the monthly transfers from the General Revenue Fund to the Local Government Distributive Fund. It specifies the percentages of net revenue from various tax categories to be transferred each month. The bill also details the calculation of the Annual Percentage for deposits into the Income Tax Refund Fund and outlines the conditions under which certain transfers and deposits are made. Effective immediately upon becoming law, the bill ensures specific portions of tax revenue are allocated to designated funds for various purposes.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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