Bill Status of HB 4950   103rd General Assembly


Short Description:  BUDGET-SPENDING GROWTH RATE

House Sponsors
Rep. Tim Ozinga

Last Action  View All Actions

DateChamber Action
  2/7/2024HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
15 ILCS 20/50-5

Synopsis As Introduced
Amends the State Budget Law of the Civil Administrative Code. Provides that, beginning with the budget prepared for fiscal year 2026, the rate of growth of appropriations from the State general funds over the preceding fiscal year appropriations from the State general funds shall not exceed the rate of growth of the Illinois economy. Provides that "rate of growth of the Illinois economy" means the compound annual growth rate of the gross domestic product in the State over the preceding 10 calendar years, calculated using data reported by the United States Bureau of Economic Analysis or its successor agency before December 31 immediately preceding the beginning of the applicable fiscal year.

Actions 
DateChamber Action
  2/7/2024HouseFiled with the Clerk by Rep. Tim Ozinga
  2/7/2024HouseFirst Reading
  2/7/2024HouseReferred to Rules Committee

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