summary
Introduced
02/05/2026
02/05/2026
In Committee
02/05/2026
02/05/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill 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) 6.47% of the net revenue realized from the tax imposed upon individuals, trusts, and estates during the preceding month; (ii) 6.85% of the net revenue realized from the tax imposed upon corporations during the preceding month; and (iii) 6.47% of the net revenue realized from the tax imposed upon electing pass-through entities). Effective immediately.
AI Summary
This bill amends the Illinois Income Tax Act to change how state income tax revenue is distributed to local governments. Specifically, it alters the formula for calculating the monthly transfer from the state's General Revenue Fund to the Local Government Distributive Fund. Currently, this transfer is based on a percentage of revenue collected from individuals, corporations, and electing pass-through entities, with different percentages applying at different times. This bill proposes to simplify this by, starting August 1, 2026, transferring an amount equal to 10% of the total net revenue realized from the state income tax during the preceding month, regardless of the source of that revenue. The bill also states that it takes effect immediately upon becoming law.
Sponsors (1)
Last Action
Referred to Assignments (on 02/05/2026)
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