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

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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

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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
SB2999 LRB102 21790 HLH 30909 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Invest in Kids Act is amended by adding
Section 70 as follows:
(35 ILCS 40/70 new)
Sec. 70. Credits prohibited; insufficient State funding.
By August 1, 2022, and by August 1 of each calendar year
thereafter, the State Board of Education shall determine
whether or not the Minimum Funding Level set forth in
subsection (g) of Section 18-8.15 of the School Code has been
met for the fiscal year beginning on July 1 of that calendar
year. As soon as possible after that determination is made,
the State Board of Education shall transmit a copy of the
determination to the Department. If the Minimum Funding Level
for the applicable fiscal year is met after August 1 of any
calendar year, the State Board of Education shall submit a
supplemental notification to the Department advising the
Department of that fact. Notwithstanding any other provision
of law, no credits may be awarded under this Act for any
taxable year that begins in a State fiscal year for which the
Minimum Funding Level is not met. In addition, the
carry-forward period for excess credits awarded under this Act

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