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25 ILCS 50/1
(25 ILCS 50/1) (from Ch. 63, par. 42.31)
Sec. 1. Every bill, except those bills making a direct appropriation,
(1) the purpose or effect of which is (i) to expend any State funds or
to
increase or decrease the revenues of the
State, either directly or indirectly, or (ii) to require the expenditure
of their own funds by, or to increase or
decrease the revenues of, units
of local government, school districts or community college districts, or
to revise the distribution of State funds among units of local government,
school districts, or community college districts, either directly or
indirectly, or (2) that amends the Mental Health and Developmental
Disabilities Code or the Developmental Disability and Mental Disability
Services Act shall have prepared for it prior to second reading in the
house of introduction a brief explanatory statement or note which, for a bill
under item (1), shall
include a reliable estimate of the anticipated change in State, local
governmental, school district, or community college district
expenditures or revenues under its provisions and, for a bill under item (2),
shall include a reliable estimate of the fiscal impact of its provisions upon
community agencies.
For purposes of this Act,
indirect revenues
include, but are not limited to, increased tax revenues or other increased
revenues resulting from economic development, job creation, or cost
reduction. The statement or note shall also include an explanation of the
methodology used to determine the estimated direct and indirect costs or
estimated impact on community agencies. Any
notes for bills having
a fiscal impact on units of local government, school districts or community
college districts shall include such cost estimates as may be required under
the State Mandates Act.
If a bill authorizes capital expenditures or appropriates funds for
capital expenditures, a statement shall be prepared by the
Governor's Office of Management and Budget specifying by year any principal and interest payments required
to finance such capital expenditures.
If a bill authorizes the issuance of bonds, a statement or note shall be prepared by the Governor's Office of Management and Budget specifying the estimated total principal and interest payments (assuming interest is paid at a fixed rate) if all of the bonds authorized were issued. The statement or note shall include the total principal on all other then-outstanding Bonds of the State.
These statements or notes shall be known as "fiscal notes".
(Source: P.A. 92-567, eff. 1-1-03; 93-839, eff. 7-30-04.)
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