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Synopsis As Introduced Amends the Illinois Income Tax Act. Provides that, from February 1, 2017 through January 31, 2018, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 8.5% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.355% of the net revenue realized from the tax imposed on corporations. Provides that, from February 1, 2018 through January 31, 2019, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 9% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.57% of the net revenue realized from the tax imposed on corporations. Provides that, from February 1, 2019 through January 31, 2020, the amount transferred from the General Revenue Fund to the Local Government Distributive Fund shall be: (i) 9.5% of the net revenue realized from the tax imposed on individuals, trusts, and estates, and (ii) 9.785% of the net revenue realized from the tax imposed on corporations. Provides that, beginning on February 1, 2020, the Treasurer shall transfer each month from the General Revenue Fund to the Local Government Distributive Fund an amount equal to 10% of the net revenue realized from the tax imposed on individuals, trusts, estates, and corporations during the preceding month. Effective immediately.
Fiscal Note (Dept. of Revenue)
Although this bill would have no effect on total revenue, the Department of Revenue estimates that deposits into the General Revenue Fund for fiscal year 2017 would be reduced by $30 million. Deposits into the General Revenue Fund for fiscal year 2018 would be reduced by $100 million. Deposits into the General Revenue Fund for fiscal year 2019 would be reduced by $175 million. Deposits into the General Revenue Fund for fiscal year 2020 would be reduced by $258 million. Deposits into the General Revenue Fund for fiscal year 2121 would be reduced by $314 million. After that, the amount of deposits into General Revenue Fund would be reduced increasingly, as individual income tax and corporate income tax revenue keep growing.
This estimate was calculated by multiplying the net corporate income tax and individual income tax revenue forecasts by the difference between actual Local Government Distributive Fund transfer percentages and proposed Local Government Distributive Fund transfer percentages.
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