HR0389HAM001LRB098 12237 JDS 46576 a

1
AMENDMENT TO HOUSE RESOLUTION 389

2    AMENDMENT NO. ___. Amend House Resolution 389 by replacing
3line 2 on page 1 through line 16 on page 2 with the following:
 
4    "WHEREAS, Under subsection (b) of Section 2 of Article VIII
5of the Illinois Constitution, appropriations for a fiscal year
6shall not exceed funds estimated by the General Assembly to be
7available during that year; and
 
8    WHEREAS, On March 5, 2013, the Illinois House of
9Representatives adopted House Resolution No. 83, which set the
10general funds revenue estimates for Fiscal Year 2014; and
 
11    WHEREAS, On May 27, 2013, the Governor's Office of
12Management and Budget, the Illinois Department of Revenue, and
13the Commission on Government Forecasting and Accountability
14testified to the House Revenue and Finance Committee that there
15is no longer a backlog of personal and corporate income tax

 

 

HR0389HAM001- 2 -LRB098 12237 JDS 46576 a

1refunds owed to taxpayers; and
 
2    WHEREAS, Given the information provided, the House of
3Representatives finds that the Fiscal Year 2014 revenue
4estimates should be revised to reflect the most recent data
5provided to the House Revenue and Finance Committee; and
 
6    WHEREAS, Eliminating the backlog of personal and corporate
7income tax refunds has resulted in a surplus that will be
8transferred to the General Revenue Fund at the end of Fiscal
9Year 2013; and
 
10    WHEREAS, A conservative reduction in the personal and
11corporate income tax refund rate is more accurate in estimating
12refunds owed to Illinois taxpayers for Fiscal Year 2014;
13therefore, be it
 
14    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
15NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
16the House of Representatives estimates the general funds to be
17available during State fiscal year 2014 as follows:
 
 
18Revenue Sources
19 House Estimate (in millions)
20State Taxes
21Personal Income Tax (net of refunds)$16,030

 

 

HR0389HAM001- 3 -LRB098 12237 JDS 46576 a

1Corporate Income Tax (net of
2refunds)$2,937
3Sales Tax$7,348
4Public Utility (regular)$1,032
5Cigarette Tax$355
6Liquor Gallonage Taxes$165
7Vehicle Use Tax$27
8Inheritance Tax (gross)$210
9Insurance Taxes & Fees$350
10Corporate Franchise Tax & Fees$203
11Interest on State Funds &
12Investments$20
13Cook County Intergovernmental
14Transfer$244
15Other Sources$410
16Subtotal$29,331
17
18Transfers
19Lottery$669
20Riverboat transfers and receipts$366
21Other$1,080
22Total State Sources$31,446
23
24Federal Sources$4,000
25
26Total Federal & State Sources$35,446".