Bill Status of SB1550 101st General Assembly
Short Description: INC TX-LGDF
Sen. Donald P. DeWitte, Jil Tracy and John F. Curran
| 1/13/2021||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that an amount equal to 10% of the net revenue realized from the State income tax during the preceding month shall be transferred from the General Revenue Fund to the Local Government Distributive Fund (currently, the amount transferred is equal to the sum of (i) 6.06% of the net revenue realized from the tax imposed upon individuals, trusts, and estates and (ii) 6.85% of the net revenue realized from the tax imposed upon corporations).