Bill > HB2483

This bill amends the Illinois Income Tax Act by modifying how "surplus" funds are defined in the Income Tax Refund Fund. Specifically, the bill clarifies that "surplus" means the cash balance remaining in the Income Tax Refund Fund at the end of a fiscal year, minus certain specified transferred amounts. This change affects the process by which any excess funds in the Income Tax Refund Fund are transferred to the General Revenue Fund at the end of each fiscal year. The modification provides a more precise definition of surplus funds, which could impact how the state manages and allocates its tax-related financial resources. The bill takes effect immediately, meaning the new definition of surplus will be applied to the current or next fiscal year's financial calculations. The change appears to be a technical adjustment to improve the clarity and precision of the state's financial accounting procedures related to income tax refunds.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2483&GAID=18&DocTypeID=HB&SessionID=114&GA=104