Bill > SB0136

This bill amends the Illinois Income Tax Act to change how funds are transferred from the General Revenue Fund to the Local Government Distributive Fund (LGDF). Currently, the transfer is calculated as a percentage of net revenue from different types of income taxes (individual, corporate, and pass-through entities), but beginning August 1, 2024, the bill simplifies this to a flat 10% transfer of net revenue realized from individual and corporate income taxes during the preceding month. The Local Government Distributive Fund is a special state fund that provides financial support to local governments. This change means local governments will receive a more straightforward and potentially more consistent funding stream, as the calculation is now based on a single percentage across all income tax types, rather than varying percentages for different tax categories. The bill takes effect immediately upon passage, signaling the state's intent to provide a more streamlined approach to local government funding.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=136&GAID=18&DocTypeID=SB&SessionID=114&GA=104