HB5192 103RD GENERAL ASSEMBLY

LRB103 38787 MXP 68924 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5192

Introduced 2/9/2024, by Rep. Brad Halbrook

SYNOPSIS AS INTRODUCED:

New Act

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.

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 1. Short title. This Act may be cited as the Inflation Reduction Act.

Section 5. Definitions. In this Act:

"Discretionary spending" means any spending not mandated by federal or State law or court order.

"State agencies" means any State agency, board, commission, or other entity organized under the legislative, executive, or judicial branch.

Section 10. Fiscal Year 2025 spending reductions. 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.

Section 99. Effective date. This Act takes effect upon becoming law.