IL SB2218 | 2017-2018 | 100th General Assembly


Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on June 15 2017 - 25% progression
Action: 2017-06-15 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]


Creates the Individual Income Tax Bond Act. Authorizes the State to issue, sell, and provide for the retirement of limited obligation bonds in the total principal amount of $6,000,000,000. Provides that the proceeds of those bonds shall be issued for the purposes of providing financial relief to vendors who do business with the State. Amends the State Finance Act to create the Individual Income Tax Bond Proceeds Fund and the Individual Income Tax Bond Retirement and Interest Fund. Amends the Illinois Income Tax Act to provide for the transfer of certain income tax proceeds into the Individual Income Tax Bond Proceeds Fund. Effective immediately.

Tracking Information

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2017-06-15SenateReferred to Assignments
2017-06-15SenateFirst Reading
2017-06-15SenateFiled with Secretary by Sen. William E. Brady

Code Citations

ChapterArticleSectionCitation TypeStatute Text
301055.878New CodeSee Bill Text
301055.879New CodeSee Bill Text
301056z-102New CodeSee Bill Text
355901Amended CodeCitation Text

Illinois State Sources

Bill Comments