100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5818

 

Introduced , by Rep. Marcus C. Evans, Jr.

 

SYNOPSIS AS INTRODUCED:
 
25 ILCS 155/3.1 new

    Amends the Commission on Government Forecasting and Accountability Act. Requires the Commission on Government Forecasting and Accountability to prepare a report analyzing the effect of different income tax rates on the State's fiscal condition, as well as alternative revenue sources and spending cuts that could benefit the State's fiscal condition. Provides that the report shall be submitted to the Governor and the General Assembly no later than December 31, 2018. Provides that the Section is repealed on January 1, 2020. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Commission on Government Forecasting and
5Accountability Act is amended by adding Section 3.1 as follows:
 
6    (25 ILCS 155/3.1 new)
7    Sec. 3.1. Income tax study. The Commission shall prepare a
8report as provided in this Section. The report shall be
9completed with input from the Department of Revenue, non-profit
10research groups, nonpartisan State and local tax and fiscal
11policy advocacy organizations, business advocacy groups, and
12labor advocacy groups. The report shall consider:
13        (1) the effects of 3 different flat income tax rates
14    and 3 different graduated income tax rates, all to be
15    selected by the Commission, on individuals within the
16    following federal adjusted gross income levels:
17            (A) less than $25,000;
18            (B) at least $25,000 but less than $50,000;
19            (C) at least $50,000 but less than $100,000;
20            (D) at least $100,000 but less than $500,000; and
21            (E) $500,000 or more;
22        (2) alternative revenue sources in addition to or in
23    lieu of income taxes that could benefit the State's fiscal

 

 

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1    condition;
2        (3) spending cuts that could benefit the State's fiscal
3    condition; and
4        (4) any effects of the federal Tax Cuts and Jobs Act on
5    the fiscal condition of the State.
6    The report shall be submitted to the Governor and the
7General Assembly no later than December 31, 2018. This Section
8is repealed on January 1, 2020.
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.