SB0223 103RD GENERAL ASSEMBLY

LRB103 25960 HLH 52312 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB0223

Introduced 1/31/2023, by Sen. Cristina Castro

SYNOPSIS AS INTRODUCED:

35 ILCS 40/70 new

Amends the Invest in Kids Act. Provides that no credits may be awarded under the Act for any taxable year that begins in a State fiscal year for which the minimum statutory funding level is not met. Provides that the carry-forward period for those credits shall be suspended for any taxable year that begins in a State fiscal year for which the minimum statutory funding level is not met. Requires the State Board of Education to determine whether or not the State has met the minimum funding level for the fiscal year and to transmit a copy of the determination to the Department of Revenue. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Invest in Kids Act is amended by adding Section 70 as follows:

(35 ILCS 40/70 new)

Sec. 70. Credits prohibited; insufficient State funding. By August 1, 2023, and by August 1 of each calendar year thereafter, the State Board of Education shall determine whether or not the Minimum Funding Level set forth in subsection (g) of Section 18-8.15 of the School Code has been met for the fiscal year beginning on July 1 of that calendar year. As soon as possible after that determination is made, the State Board of Education shall transmit a copy of the determination to the Department. If the Minimum Funding Level for the applicable fiscal year is met after August 1 of any calendar year, the State Board of Education shall submit a supplemental notification to the Department advising the Department of that fact. Notwithstanding any other provision of law, no credits may be awarded under this Act for any taxable year that begins in a State fiscal year for which the Minimum Funding Level is not met. In addition, the carry-forward period for excess credits awarded under this Act shall be suspended for any taxable year that begins in a State fiscal year for which the Minimum Funding Level is not met.

Section 99. Effective date. This Act takes effect upon becoming law.