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91_HB1706
LRB9102937PTpkA
1 AN ACT concerning taxpayer refunds.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Taxpayer General Refund Act.
6 Section 5. Taxpayer Refund Fund. For any fiscal year in
7 which the revenues into the State's general funds exceed the
8 prior year's general funds revenues by more than
9 $750,000,000, the excess funds over that $750,000,000 shall
10 be deposited into the Taxpayer Refund Fund, a special fund
11 that is hereby created in the State treasury to refund excess
12 revenue to the taxpayers.
13 Section 10. Refunds. The amount in the Fund shall be
14 refunded by the Department of Revenue as soon as possible to
15 the taxpayers. Refunds shall be pro rata based on the
16 liability reported on and paid with respect to the taxpayer's
17 income tax return for the taxable year ending in the previous
18 calendar year.
19 Section 95. The State Finance Act is amended by adding
20 Section 5.490 as follows:
21 (30 ILCS 105/5.490 new)
22 Sec. 5.490. The Taxpayer Refund Fund.