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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5192 Introduced 2/9/2024, by Rep. Brad Halbrook SYNOPSIS AS INTRODUCED:
| | | Creates the Inflation Reduction Act. Provides that the General Assembly shall reduce all discretionary spending appropriations to State agencies during fiscal year 2025 by 5% of the estimated expenditures in fiscal year 2024. Effective immediately. |
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| | A BILL FOR |
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| | HB5192 | | LRB103 38787 MXP 68924 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 1. Short title. This Act may be cited as the |
| 5 | | Inflation Reduction Act.
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| 6 | | Section 5. Definitions. In this Act: |
| 7 | | "Discretionary spending" means any spending not mandated |
| 8 | | by federal or State law or court order. |
| 9 | | "State agencies" means any State agency, board, |
| 10 | | commission, or other entity organized under the legislative, |
| 11 | | executive, or judicial branch.
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| 12 | | Section 10. Fiscal Year 2025 spending reductions. The |
| 13 | | General Assembly shall reduce all discretionary spending |
| 14 | | appropriations to State agencies during fiscal year 2025 by 5% |
| 15 | | of the estimated expenditures in fiscal year 2024.
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| 16 | | Section 99. Effective date. This Act takes effect upon |
| 17 | | becoming law. |