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Full Text of HR0389  98th General Assembly

HR0389enr 98TH GENERAL ASSEMBLY


  

 


 
HR0389 EnrolledLRB098 12237 JDS 46363 r

1
HOUSE RESOLUTION 389

 
2    WHEREAS, Under subsection (b) of Section 2 of Article VIII
3of the Illinois Constitution, appropriations for a fiscal year
4shall not exceed funds estimated by the General Assembly to be
5available during that year; and
 
6    WHEREAS, On March 5, 2013, the Illinois House of
7Representatives adopted House Resolution No. 83, which set the
8general funds revenue estimates for Fiscal Year 2014; and
 
9    WHEREAS, On May 27, 2013, the Governor's Office of
10Management and Budget, the Illinois Department of Revenue, and
11the Commission on Government Forecasting and Accountability
12testified to the House Revenue and Finance Committee that there
13is no longer a backlog of personal and corporate income tax
14refunds owed to taxpayers; and
 
15    WHEREAS, Given the information provided, the House of
16Representatives finds that the Fiscal Year 2014 revenue
17estimates should be revised to reflect the most recent data
18provided to the House Revenue and Finance Committee; and
 
19    WHEREAS, Eliminating the backlog of personal and corporate
20income tax refunds has resulted in a surplus that will be
21transferred to the General Revenue Fund at the end of Fiscal

 

 

HR0389 Enrolled- 2 -LRB098 12237 JDS 46363 r

1Year 2013; and
 
2    WHEREAS, A conservative reduction in the personal and
3corporate income tax refund rate is more accurate in estimating
4refunds owed to Illinois taxpayers for Fiscal Year 2014;
5therefore, be it
 
6    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
7NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
8the House of Representatives estimates the general funds to be
9available during State fiscal year 2014 as follows:
 
 
10Revenue Sources
11 House Estimate (in millions)
12State Taxes
13Personal Income Tax (net of refunds)$16,030
14Corporate Income Tax (net of
15refunds)$2,937
16Sales Tax$7,348
17Public Utility (regular)$1,032
18Cigarette Tax$355
19Liquor Gallonage Taxes$165
20Vehicle Use Tax$27
21Inheritance Tax (gross)$210
22Insurance Taxes & Fees$350
23Corporate Franchise Tax & Fees$203

 

 

HR0389 Enrolled- 3 -LRB098 12237 JDS 46363 r

1Interest on State Funds &
2Investments$20
3Cook County Intergovernmental
4Transfer$244
5Other Sources$410
6Subtotal$29,331
7
8Transfers
9Lottery$669
10Riverboat transfers and receipts$366
11Other$1,080
12Total State Sources$31,446
13
14Federal Sources$4,000
15
16Total Federal & State Sources$35,446