HB 4473

Abstract

Amends the Illinois Income Tax Act. Reduces by 25% the amount transferred from the General Revenue Fund to the Local Government Distributive Fund. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Reduces by 20% the amounts deposited into the Local Government Tax Fund, the County and Mass Transit District Fund, and the State and Local Sales Tax Reform Fund each month. Provides that the reductions under the amendatory Act begin January 1, 2021. Effective immediately.