SB3010: INC TX-LGDF

Legislative Summary

Amends the Illinois Income Tax Act. Provides that an amount equal to the sum of (i) 8% of the net revenue realized from the tax imposed upon individuals, trusts, estates, and electing pass-through entities and (ii) 9.11% of the net revenue realized from the tax imposed upon corporations shall be deposited into the Local Government Distributive Fund (currently, an amount equal to the sum of (i) 6.06% of the net revenue realized from the tax imposed upon individuals, trusts, and estates and (ii) 6.85% of the net revenue realized from the tax imposed upon corporations shall be deposited into the Local Government Distributive Fund). Amends the State Revenue Sharing Act to provide that amounts paid into the Local Government Distributive Fund are appropriated on a continuing basis. Effective July 1, 2022.