<?xml version='1.0' encoding='ISO-8859-1'?>
<xml>
<title>Illinois General Assembly - Bill Status for SB 1550         </title>
<shortdesc>INC TX-LGDF</shortdesc>
<sponsor>
<sponsorhead1>Senate Sponsors</sponsorhead1><sponsors>Sen. Donald P. DeWitte, Jil Tracy and John F. Curran</sponsors>
</sponsor>
<lastaction>
<statusdate>1/13/2021</statusdate><chamber>Senate</chamber><action>Session Sine Die</action>
</lastaction>
<synopsis>
<synopsistitle></synopsistitle>
<reference>35 ILCS 5/901</reference><aliasreference>from Ch. 120, par. 9-901</aliasreference><SynopsisText>Amends the Illinois Income Tax Act. Provides that an amount equal to 10% of the net revenue realized from the State income tax during the preceding month shall be transferred from the General Revenue Fund to the Local Government Distributive Fund (currently, the amount transferred is equal to the sum of (i) 6.06% of the net revenue realized from the tax imposed upon individuals, trusts, and estates and (ii) 6.85% of the net revenue realized from the tax imposed upon corporations).</SynopsisText></synopsis>
<actions>
<statusdate>2/15/2019</statusdate><chamber>Senate</chamber><action>Filed with Secretary by Sen. Donald P. DeWitte</action>
<statusdate>2/15/2019</statusdate><chamber>Senate</chamber><action>First Reading</action>
<statusdate>2/15/2019</statusdate><chamber>Senate</chamber><action>Referred to Assignments</action>
<statusdate>2/27/2019</statusdate><chamber>Senate</chamber><action>Assigned to Revenue</action>
<statusdate>3/6/2019</statusdate><chamber>Senate</chamber><action>Postponed - Revenue</action>
<statusdate>3/22/2019</statusdate><chamber>Senate</chamber><action>Rule 3-9(a) / Re-referred to Assignments</action>
<statusdate>2/25/2020</statusdate><chamber>Senate</chamber><action>Added as Co-Sponsor Sen. Jil Tracy</action>
<statusdate>2/27/2020</statusdate><chamber>Senate</chamber><action>Added as Co-Sponsor Sen. John F. Curran</action>
<statusdate>1/13/2021</statusdate><chamber>Senate</chamber><action>Session Sine Die</action>
</actions>
</xml>

