Synopsis As Introduced Amends the Illinois Income Tax Act. Provides that the Department shall include the Veterans' Homes Fund checkoff on the individual income tax form for each taxable year beginning on or after January 1, 2013. Provides that the Veterans' Homes Fund checkoff shall not be included when calculating the 15 tax-checkoff fund limitation. Effective immediately.
Balanced Budget Note (Office of Management and Budget)
The bill as introduced is estimated to create a minimal administrative cost and provide additional funding to the State's Veterans' Homes. This would not impact the State budget as any revenue from the checkoff would be in addition to the operational funding provided by State funds.
State Debt Impact Note (Government Forecasting & Accountability)
This legislation would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.
Fiscal Note (Dept. of Revenue)
HB 2429 will have no fiscal impact on State revenues.