SB3780

SB3780 amends the Illinois Income Tax Act to adjust the percentage of net revenue deposited into the Income Tax Refund Fund for various fiscal years.

SB3780 amends the Illinois Income Tax Act by adjusting the percentage of net revenue deposited into the Income Tax Refund Fund for different fiscal years. For fiscal year 2011, the Annual Percentage is set at 17.5%, and it varies for subsequent years, reaching 15% for fiscal year 2020. The bill also specifies transfers from the General Revenue Fund to the Local Government Distributive Fund and mandates deposits into various funds, including the Commitment to Human Services Fund and the Education Assistance Fund.