IL HB0158 | 2019-2020 | 101st General Assembly

Status

Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: Introduced on January 9 2019 - 25% progression
Action: 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that, from February 1, 2020 through January 31, 2021, 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, 2021 through January 31, 2022, 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, 2022 through January 31, 2023, 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, 2023, 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.

Tracking Information

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Title

INC TX-LGDF

Sponsors


History

DateChamberAction
2019-04-12HouseRule 19(a) / Re-referred to Rules Committee
2019-04-11HouseAdded Co-Sponsor Rep. Barbara Hernandez
2019-04-10HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
2019-03-15HouseAdded Co-Sponsor Rep. Terra Costa Howard
2019-03-06HousePlaced on Calendar Order of 3rd Reading - Short Debate
2019-02-27HouseFiscal Note Filed
2019-02-26HouseAdded Co-Sponsor Rep. Margo McDermed
2019-02-26HouseHeld on Calendar Order of Second Reading - Short Debate
2019-02-26HouseSecond Reading - Short Debate
2019-02-19HouseAdded Chief Co-Sponsor Rep. Debbie Meyers-Martin
2019-02-19HouseFiscal Note Requested by Rep. Tom Demmer
2019-02-14HousePlaced on Calendar 2nd Reading - Short Debate
2019-02-13HouseDo Pass / Short Debate Cities & Villages Committee; 010-000-000
2019-02-08HouseAdded Chief Co-Sponsor Rep. Emanuel Chris Welch
2019-02-05HouseAssigned to Cities & Villages Committee
2019-01-09HouseReferred to Rules Committee
2019-01-09HouseFirst Reading
2018-12-11HousePrefiled with Clerk by Rep. Anthony DeLuca

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355901Amended CodeCitation Text

Illinois State Sources


Bill Comments

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