Illinois General Assembly - Bill Status for HB6220

Amends the State Finance Act to create the Sales and Excise Tax Refund Fund. Provides that moneys in the Fund shall be used by the Department of Revenue to pay refunds under various tax Acts. Provides that 0.18% of 80% of the net revenue realized from the 6.25% general rate on the selling price of tangible personal property under the Use Tax Act and the Retailers' Occupation Tax Act and the 6.25% general rate on transfers of tangible personal property under the Service Use Tax Act and the Service Occupation Tax Act shall be transferred from the General Revenue Fund to the Sales and Excise Tax Refund. Provides for a continuing appropriation from the Sales and Excise Tax Refund Fund. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers' Occupation Tax Act, the Cigarette Machine Operators' Occupation Tax Act, the Cigarette Tax Act, the Cigarette Use Tax Act, the Coin-Operated Amusement Device and Redemption Machine Tax Act, the Messages Tax Act, the Gas Revenue Tax Act, the Public Utilities Revenue Act, the Water Company Invested Capital Tax Act, the Telecommunications Excise Tax Act, and the Liquor Control Act of 1934 to provide that refunds shall be made under those Acts from the Sales and Excise Tax Refund Fund (instead of from appropriations made available for that purpose). Effective July 1, 2016.

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