Bill Texts: IL HB0278 | 2017-2018 | 100th General Assembly

Bill Title: Amends the Illinois Income Tax Act. Provides that, from February 1, 2017 through January 31, 2018, 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, 2018 through January 31, 2019, 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, 2019 through January 31, 2020, 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, 2020, 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.

Spectrum: Partisan Bill (Democrat 35-0)

Status: (Engrossed) 2018-11-07 - Placed on Calendar Order of 2nd Reading November 13, 2018 [HB0278 Detail]

Bill Drafts

RevisionDateFormatSourceView
Engrossed2017-02-23HTML/TextLinkView
Introduced2017-01-11HTML/TextLinkView

Amendments

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No bill amendments currently on file for Illinois HB0278

Supplemental Documents

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No supplemental documents for Illinois HB0278 currently on file.

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