Illinois General Assembly - Bill Status for HB0315
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 Bill Status of HB0315  102nd General Assembly


Short Description:  INC TX-LGDF

House Sponsors
Rep. Anthony DeLuca, Stephanie A. Kifowit and Barbara Hernandez

Last Action
DateChamber Action
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/901


Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, from February 1, 2022 through January 31, 2023, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 8.5% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.355% of the net revenue realized from the tax imposed on corporations. Provides that, from February 1, 2023 through January 31, 2024, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 9% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.57% of the net revenue realized from the tax imposed on corporations. Provides that, from February 1, 2024 through January 31, 2025, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 9.5% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.785% of the net revenue realized from the tax imposed on corporations. Provides that, beginning on February 1, 2025, the Treasurer shall transfer each month from the General Revenue Fund to the Local Government Distributive Fund an amount equal to 10% of the net revenue realized from the tax imposed on individuals, trusts, estates, and corporations during the preceding month. Effective immediately.

Actions 
DateChamber Action
  1/27/2021HouseFiled with the Clerk by Rep. Anthony DeLuca
  1/29/2021HouseFirst Reading
  1/29/2021HouseReferred to Rules Committee
  2/24/2021HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
  3/2/2021HouseAssigned to Revenue & Finance Committee
  3/11/2021HouseTo Income Tax Subcommittee
  3/15/2021HouseAdded Co-Sponsor Rep. Barbara Hernandez
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

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