SB1240 amends revenue laws to adjust tax distributions, establish reimbursement for certain state mandates, and modify tax extension limitations.
SB1240 amends the Illinois Income Tax Act to adjust the distribution of tax revenues into various funds, including the General Revenue Fund, Personal Property Tax Replacement Fund, and Income Tax Refund Fund. It establishes a process for state reimbursement to local governments for increased costs due to certain state mandates, excluding those related to personnel, public employee retirement benefits, and specific acts.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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