Illinois SB0136 amends the Illinois Income Tax Act to adjust the percentage of net revenue transferred from the General Revenue Fund to the Local.
Illinois SB0136 modifies the Illinois Income Tax Act by changing the percentage of net revenue from the State income tax that is transferred from the General Revenue Fund to the Local Government Distributive Fund. Specifically, it sets the transfer percentage at 10% of the net revenue realized from the State income tax during the preceding month. The bill also outlines the percentages for deposits into various funds, including the Income Tax Refund Fund, the Education Assistance Fund, and the Commitment to Human Services Fund. These changes are effective immediately upon the bill becoming law.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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