IL HB0315 | 2021-2022 | 102nd General Assembly
Status
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Introduced on January 27 2021 - 25% progression, died in committee
Action: 2022-03-24 - Added Co-Sponsor Rep. Tony McCombie
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 27 2021 - 25% progression, died in committee
Action: 2022-03-24 - Added Co-Sponsor Rep. Tony McCombie
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Provides that, from February 1, 2022 through January 31, 2023, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 8.5% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.355% of the net revenue realized from the tax imposed on corporations. Provides that, from February 1, 2023 through January 31, 2024, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 9% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.57% of the net revenue realized from the tax imposed on corporations. Provides that, from February 1, 2024 through January 31, 2025, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 9.5% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.785% of the net revenue realized from the tax imposed on corporations. Provides that, beginning on February 1, 2025, the Treasurer shall transfer each month from the General Revenue Fund to the Local Government Distributive Fund an amount equal to 10% of the net revenue realized from the tax imposed on individuals, trusts, estates, and corporations during the preceding month. Effective immediately.
Title
INC TX-LGDF
Sponsors
History
Date | Chamber | Action |
---|---|---|
2022-03-24 | House | Added Co-Sponsor Rep. Tony McCombie |
2021-03-27 | House | Rule 19(a) / Re-referred to Rules Committee |
2021-03-15 | House | Added Co-Sponsor Rep. Barbara Hernandez |
2021-03-11 | House | To Income Tax Subcommittee |
2021-03-02 | House | Assigned to Revenue & Finance Committee |
2021-02-24 | House | Added Co-Sponsor Rep. Stephanie A. Kifowit |
2021-01-29 | House | Referred to Rules Committee |
2021-01-29 | House | First Reading |
2021-01-27 | House | Filed with the Clerk by Rep. Anthony DeLuca |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 5 | 901 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=315&GAID=16&DocTypeID=HB&SessionID=110&GA=102 |
Text | https://www.ilga.gov/legislation/102/HB/10200HB0315.htm |