Illinois House Bill 315 (Prior Session Legislation)

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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]

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.

INC TX-LGDF

Rep. Anthony DeLuca [D]

Rep. Stephanie Kifowit [D]

Rep. Barbara Hernandez [D]

Rep. Tony McCombie [R]

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

Chapter	Article	Section	Citation Type	Statute Text
35	5	901	Amended Code	Citation Text

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