IL SB1550 | 2019-2020 | 101st General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 3-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that an amount equal to 10% of the net revenue realized from the State income tax during the preceding month shall be transferred from the General Revenue Fund to the Local Government Distributive Fund (currently, the amount transferred is equal to the sum of (i) 6.06% of the net revenue realized from the tax imposed upon individuals, trusts, and estates and (ii) 6.85% of the net revenue realized from the tax imposed upon corporations).

Tracking Information

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Title

INC TX-LGDF

Sponsors


History

DateChamberAction
2021-01-13SenateSession Sine Die
2020-02-27SenateAdded as Co-Sponsor Sen. John F. Curran
2020-02-25SenateAdded as Co-Sponsor Sen. Jil Tracy
2019-03-22SenateRule 3-9(a) / Re-referred to Assignments
2019-03-06SenatePostponed - Revenue
2019-02-27SenateAssigned to Revenue
2019-02-15SenateReferred to Assignments
2019-02-15SenateFirst Reading
2019-02-15SenateFiled with Secretary by Sen. Donald P. DeWitte

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355901Amended CodeCitation Text

Illinois State Sources


Bill Comments

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