Bill Status of SB2218 100th General Assembly
Short Description: INC TX-BONDS
Sen. William E. Brady
| 6/15/2017||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Individual Income Tax Bond Act. Authorizes the State to issue, sell, and provide for the retirement of limited obligation bonds in the total principal amount of $6,000,000,000. Provides that the proceeds of those bonds shall be issued for the purposes of providing financial relief to vendors who do business with the State. Amends the State Finance Act to create the Individual Income Tax Bond Proceeds Fund and the Individual Income Tax Bond Retirement and Interest Fund. Amends the Illinois Income Tax Act to provide for the transfer of certain income tax proceeds into the Individual Income Tax Bond Proceeds Fund. Effective immediately.