HB4114 101ST GENERAL ASSEMBLY

LRB101 15969 RJF 65330 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4114

Introduced 1/16/2020, by Rep. Charles Meier

SYNOPSIS AS INTRODUCED:

15 ILCS 20/50-6 new

Amends the State Budget Law of the Civil Administrative Code of Illinois. Provides that the State of Illinois shall allocate any new and additional revenue sources that exceed the fiscal year 2020 revenue forecasts reported by the Commission on Government Forecasting and Accountability in 2019 towards the payment of current and continuing pension obligations of the State of Illinois. Defines "new and additional revenue sources". Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

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

Section 5. The State Budget Law of the Civil Administrative Code of Illinois is amended by adding Section 50-6 as follows:

(15 ILCS 20/50-6 new)

Sec. 50-6. State pension obligation repayment. The State of Illinois shall allocate any new and additional revenue sources that exceed the fiscal year 2020 revenue forecasts reported by the Commission on Government Forecasting and Accountability in 2019 towards the payment of current and continuing pension obligations of the State of Illinois. For the purposes of this Section, "new and additional revenue sources" include, but are not limited to, any new tax, fee, or surcharge that is enacted by the General Assembly on or after the effective date of this amendatory Act of the 101st General Assembly.

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