HB 2887

Abstract

Amends the Illinois Income Tax Act. Provides that, beginning on August 1, 2013, the Department of Revenue shall certify each month to the State Comptroller and the State Treasurer an amount equal to the difference between (i) the net revenue realized from the tax imposed under the Act during the preceding month and (ii) the net revenue that would have been realized from the tax imposed under the Act during the preceding month if the tax had been imposed at the rates that were in effect for the taxable year beginning on January 1, 2010. Provides that the State Comptroller shall order transferred and the State Treasurer shall transfer from the General Revenue Fund to the State Fiscal Responsibility Fund the amount certified by the Department. Amends the State Finance Act to create the State Fiscal Responsibility Fund. Provides that moneys in the Fund shall be used to make payments to bona fide creditors of the State who: (1) have submitted a bill or invoice to the State that (A) was properly approved under rules adopted under the State Prompt Payment Act, and (B) is more than 90 days past due; or (2) are entitled to payment from State funds if the State is more than 90 days delinquent in the payment of those funds. Effective immediately.