Bill Text: IL SB2999 | 2021-2022 | 102nd General Assembly | Introduced


Bill Title: Amends the Invest in Kids Act. Provides that no credits may be awarded under the Act for any taxable year that begins in a State fiscal year for which the minimum statutory funding level is not met. Provides that the carry-forward period for those credits shall be suspended for any taxable year that begins in a State fiscal year for which the minimum statutory funding level is not met. Requires the State Board of Education to determine whether or not the State has met the minimum funding level for the fiscal year and to transmit a copy of the determination to the Department of Revenue. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - Referred to Assignments [SB2999 Detail]

Download: Illinois-2021-SB2999-Introduced.html


102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2999

Introduced 1/5/2022, by Sen. Cristina Castro

SYNOPSIS AS INTRODUCED:
35 ILCS 40/70 new

Amends the Invest in Kids Act. Provides that no credits may be awarded under the Act for any taxable year that begins in a State fiscal year for which the minimum statutory funding level is not met. Provides that the carry-forward period for those credits shall be suspended for any taxable year that begins in a State fiscal year for which the minimum statutory funding level is not met. Requires the State Board of Education to determine whether or not the State has met the minimum funding level for the fiscal year and to transmit a copy of the determination to the Department of Revenue. Effective immediately.
LRB102 21790 HLH 30909 b

A BILL FOR

SB2999LRB102 21790 HLH 30909 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Invest in Kids Act is amended by adding
5Section 70 as follows:
6 (35 ILCS 40/70 new)
7 Sec. 70. Credits prohibited; insufficient State funding.
8By August 1, 2022, and by August 1 of each calendar year
9thereafter, the State Board of Education shall determine
10whether or not the Minimum Funding Level set forth in
11subsection (g) of Section 18-8.15 of the School Code has been
12met for the fiscal year beginning on July 1 of that calendar
13year. As soon as possible after that determination is made,
14the State Board of Education shall transmit a copy of the
15determination to the Department. If the Minimum Funding Level
16for the applicable fiscal year is met after August 1 of any
17calendar year, the State Board of Education shall submit a
18supplemental notification to the Department advising the
19Department of that fact. Notwithstanding any other provision
20of law, no credits may be awarded under this Act for any
21taxable year that begins in a State fiscal year for which the
22Minimum Funding Level is not met. In addition, the
23carry-forward period for excess credits awarded under this Act

SB2999- 2 -LRB102 21790 HLH 30909 b
1shall be suspended for any taxable year that begins in a State
2fiscal year for which the Minimum Funding Level is not met.
3 Section 99. Effective date. This Act takes effect upon
4becoming law.
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