HB 6158

Abstract

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Reduces the rate of tax on motor fuel to 1.25%. Amends the Motor Fuel Tax Law. Increases the amount of the tax to 34 cents per gallon beginning on July 1, 2012. Provides that, on July 1, 2013, and on July 1 of each year thereafter, the rate of tax shall be adjusted according to the percentage increase, if any, in the Consumer Price Index during the preceding 12-month calendar year. Provides that, of the proceeds collected under the Motor Fuel Tax Law, 15 cents per gallon shall be deposited into the Pension Stabilization Fund. Amends the Budget Stabilization Act. Makes changes concerning transfers from the General Revenue Fund to the Pension Stabilization Fund. Amends the Illinois Pension Code. In provisions concerning funding for the following systems: the General Assembly Retirement System; the State Employees' Retirement System; the State Universities Retirement System; the Teachers' Retirement System of the State of Illinois; and the Judges Retirement System of Illinois, provides that the minimum State contribution to the System for each fiscal year shall be an amount determined by the System to be sufficient to bring the total assets of the System up to 100% (instead of 90%) of the total actuarial liabilities of the System by the end of State fiscal year 2043 (instead of 2045). Provides that the State is contractually obligated to the each of those systems to pay the Annual Required State Contribution. Contains provisions requiring the systems to bring a Mandamus action in the Circuit Court of Champaign County against the State to compel the State to make any installment of the Annual Required State Contribution. Effective immediately.