HB1143 103RD GENERAL ASSEMBLY

LRB103 04893 HLH 49903 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1143

Introduced 1/12/2023, by Rep. Charles Meier

SYNOPSIS AS INTRODUCED:

35 ILCS 450/2-75

Amends the Illinois Hydraulic Fracturing Tax Act. Provides that moneys received under the Act shall be paid into the State Pensions Fund and shall be used only for the funding of the unfunded liabilities of the designated State-funded retirement systems. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Hydraulic Fracturing Tax Act is amended by changing Section 2-75 as follows:

(35 ILCS 450/2-75)

Sec. 2-75. Distribution of proceeds. All moneys received by the Department under this Act shall be paid into the State Pensions General Revenue Fund and shall be used only for the funding of the unfunded liabilities of the designated retirement systems, as defined in Section 8.12 of the State Finance Act in the State treasury.

(Source: P.A. 98-22, eff. 6-17-13.)

Section 99. Effective date. This Act takes effect upon becoming law.