Full Text of HR0389 98th General Assembly
HR0389enr 98TH GENERAL ASSEMBLY |
| | HR0389 Enrolled | | LRB098 12237 JDS 46363 r |
|
| 1 | | HOUSE RESOLUTION 389
| 2 | | WHEREAS, Under subsection (b) of Section 2 of Article VIII | 3 | | of the Illinois Constitution, appropriations for a fiscal year | 4 | | shall not exceed funds estimated by the General Assembly to be | 5 | | available during that year; and
| 6 | | WHEREAS, On March 5, 2013, the Illinois House of | 7 | | Representatives adopted House Resolution No. 83, which set the | 8 | | general funds revenue estimates for Fiscal Year 2014; and | 9 | | WHEREAS, On May 27, 2013, the Governor's Office of | 10 | | Management and Budget, the Illinois Department of Revenue, and | 11 | | the Commission on Government Forecasting and Accountability | 12 | | testified to the House Revenue and Finance Committee that there | 13 | | is no longer a backlog of personal and corporate income tax | 14 | | refunds owed to taxpayers; and | 15 | | WHEREAS, Given the information provided, the House of | 16 | | Representatives finds that the Fiscal Year 2014 revenue | 17 | | estimates should be revised to reflect the most recent data | 18 | | provided to the House Revenue and Finance Committee; and | 19 | | WHEREAS, Eliminating the backlog of personal and corporate | 20 | | income tax refunds has resulted in a surplus that will be | 21 | | transferred to the General Revenue Fund at the end of Fiscal |
| | | HR0389 Enrolled | - 2 - | LRB098 12237 JDS 46363 r |
|
| 1 | | Year 2013; and | 2 | | WHEREAS, A conservative reduction in the personal and | 3 | | corporate income tax refund rate is more accurate in estimating | 4 | | refunds owed to Illinois taxpayers for Fiscal Year 2014; | 5 | | therefore, be it | 6 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 7 | | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 8 | | the House of Representatives estimates the general funds to be | 9 | | available during State fiscal year 2014 as follows:
| 10 | | Revenue Sources | 11 | | | | House Estimate (in millions) | |
12 | | State Taxes | | | |
13 | | Personal Income Tax (net of refunds) | | $16,030 | |
14 | | Corporate Income Tax (net of | 15 | | refunds) | | $2,937 | |
16 | | Sales Tax | | $7,348 | |
17 | | Public Utility (regular) | | $1,032 | |
18 | | Cigarette Tax | | $355 | |
19 | | Liquor Gallonage Taxes | | $165 | |
20 | | Vehicle Use Tax | | $27 | |
21 | | Inheritance Tax (gross) | | $210 | |
22 | | Insurance Taxes & Fees | | $350 | |
23 | | Corporate Franchise Tax & Fees | | $203 | |
|
| | | HR0389 Enrolled | - 3 - | LRB098 12237 JDS 46363 r |
|
| 1 | | Interest on State Funds & | 2 | | Investments | | $20 | |
3 | | Cook County Intergovernmental | 4 | | Transfer | | $244 | |
5 | | Other Sources | | $410 | |
6 | | Subtotal | | $29,331 | | | 7 | | | | |
8 | | Transfers | | | |
9 | | Lottery | | $669 | |
10 | | Riverboat transfers and receipts | | $366 | |
11 | | Other | | $1,080 | |
12 | | Total State Sources | | $31,446 | | | 13 | | | | |
14 | | Federal Sources | | $4,000 | | | 15 | | | | |
16 | | Total Federal & State Sources | | $35,446 |
|
|