Bill Amendment: IL SB0855 | 2021-2022 | 102nd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: FINANCE-TECH
Status: 2021-07-16 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0855 Detail]
Download: Illinois-2021-SB0855-Senate_Amendment_001.html
Bill Title: FINANCE-TECH
Status: 2021-07-16 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0855 Detail]
Download: Illinois-2021-SB0855-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 855
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2 | AMENDMENT NO. ______. Amend Senate Bill 855 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The State Revenue Sharing Act is amended by | ||||||
5 | changing Section 1 as follows:
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6 | (30 ILCS 115/1) (from Ch. 85, par. 611)
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7 | Sec. 1. Local Government Distributive Fund. Through June | ||||||
8 | 30, 1994, as
soon as may be after the first day of each month | ||||||
9 | the Department of Revenue
shall certify to the Treasurer an | ||||||
10 | amount equal to 1/12 of the net revenue
realized from the tax | ||||||
11 | imposed by subsections (a) and (b) of Section 201 of the
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12 | Illinois Income Tax Act during the preceding month. Beginning | ||||||
13 | July 1, 1994,
and continuing through June 30, 1995, as soon as | ||||||
14 | may be after the first day of
each month, the Department of | ||||||
15 | Revenue shall certify to the Treasurer an amount
equal to 1/11 | ||||||
16 | of the net revenue realized from the tax imposed by |
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1 | subsections
(a) and (b) of Section 201 of the Illinois Income | ||||||
2 | Tax Act during the preceding
month. Beginning July 1, 1995, as | ||||||
3 | soon as may be after the first day of each
month, the | ||||||
4 | Department of Revenue shall certify to the Treasurer an amount | ||||||
5 | equal
to the amounts calculated pursuant to subsection (b) of | ||||||
6 | Section 901 of the Illinois Income Tax Act based on the net | ||||||
7 | revenue realized from the tax imposed by subsections (a) and
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8 | (b) of Section 201 of the Illinois Income Tax Act during the | ||||||
9 | preceding month.
Net revenue realized for a month shall be | ||||||
10 | defined as the revenue from the tax
imposed by subsections (a) | ||||||
11 | and (b) of Section 201 of the Illinois Income Tax
Act which is | ||||||
12 | deposited in the General Revenue Fund, the Education | ||||||
13 | Assistance
Fund and the Income Tax Surcharge Local Government | ||||||
14 | Distributive Fund during the
month minus the amount paid out | ||||||
15 | of the General Revenue Fund in State warrants
during that same | ||||||
16 | month as refunds to taxpayers for overpayment of liability
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17 | under the tax imposed by subsections (a) and (b) of Section 201 | ||||||
18 | of the Illinois
Income Tax Act. Upon receipt of such | ||||||
19 | certification, the Treasurer shall
transfer from the General | ||||||
20 | Revenue Fund to a special fund in the State treasury,
to be | ||||||
21 | known as the "Local Government Distributive Fund", the amount | ||||||
22 | shown on
such certification.
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23 | Beginning on the effective date of this amendatory Act of | ||||||
24 | the 98th General Assembly, the Comptroller shall perform the | ||||||
25 | transfers required by this Section no later than 60 days after | ||||||
26 | he or she receives the certification from the Treasurer. |
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1 | All amounts paid into the Local Government Distributive | ||||||
2 | Fund in accordance
with this Section and allocated pursuant to | ||||||
3 | this Act are appropriated on a
continuing basis. | ||||||
4 | Notwithstanding any provision of law to the contrary, for | ||||||
5 | fiscal year 2022, no amounts paid into the Local Government | ||||||
6 | Distributive Fund shall be withheld from any municipality or | ||||||
7 | county entitled to such funding under this Act.
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8 | (Source: P.A. 98-1052, eff. 8-26-14.)".
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