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(30 ILCS 115/1) (from Ch. 85, par. 611)
Sec. 1. Local Government Distributive Fund. Through June 30, 1994, as
soon as may be after the first day of each month the Department of Revenue
shall certify to the Treasurer an amount equal to 1/12 of the net revenue
realized from the tax imposed by subsections (a) and (b) of Section 201 of the
Illinois Income Tax Act during the preceding month. Beginning July 1, 1994,
and continuing through June 30, 1995, as soon as may be after the first day of
each month, the Department of Revenue shall certify to the Treasurer an amount
equal to 1/11 of the net revenue realized from the tax imposed by subsections
(a) and (b) of Section 201 of the Illinois Income Tax Act during the preceding
month. Beginning July 1, 1995, as soon as may be after the first day of each
month, the Department of Revenue shall certify to the Treasurer an amount equal
to the amounts calculated pursuant to subsection (b) of Section 901 of the Illinois Income Tax Act based on the net revenue realized from the tax imposed by subsections (a) and
(b) of Section 201 of the Illinois Income Tax Act during the preceding month.
Net revenue realized for a month shall be defined as the revenue from the tax
imposed by subsections (a) and (b) of Section 201 of the Illinois Income Tax
Act which is deposited in the General Revenue Fund, the Education Assistance
Fund and the Income Tax Surcharge Local Government Distributive Fund during the
month minus the amount paid out of the General Revenue Fund in State warrants
during that same month as refunds to taxpayers for overpayment of liability
under the tax imposed by subsections (a) and (b) of Section 201 of the Illinois
Income Tax Act. Upon receipt of such certification, the Treasurer shall
transfer from the General Revenue Fund to a special fund in the State treasury,
to be known as the "Local Government Distributive Fund", the amount shown on
such certification.
Beginning on the effective date of this amendatory Act of the 98th General Assembly, the Comptroller shall perform the transfers required by this Section no later than 60 days after he or she receives the certification from the Treasurer. All amounts paid into the Local Government Distributive Fund in accordance
with this Section and allocated pursuant to this Act are appropriated on a
continuing basis.
(Source: P.A. 98-1052, eff. 8-26-14.)
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