093_SB0604

 
                                     LRB093 07933 SJM 08124 b

 1        AN ACT concerning revenue sharing.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  State  Finance Act is amended by adding
 5    Section 5.595 as follows:

 6        (30 ILCS 105/5.595 new)
 7        Sec. 5.595.  The School District Distributive Fund.

 8        Section 10.  The State Revenue Sharing Act is amended  by
 9    changing Section 1 and adding Section 2a as follows:

10        (30 ILCS 115/1) (from Ch. 85, par. 611)
11        Sec.  1. Local Government Distributive Fund. Through June
12    30, 1994, as soon as may be after the first day of each month
13    the Department of Revenue shall certify to the  Treasurer  an
14    amount equal to 1/12 of the net revenue realized from the tax
15    imposed  by  subsections  (a)  and  (b) of Section 201 of the
16    Illinois  Income  Tax  Act  during   the   preceding   month.
17    Beginning July 1, 1994, and continuing through June 30, 1995,
18    as  soon  as  may  be  after the first day of each month, the
19    Department of Revenue  shall  certify  to  the  Treasurer  an
20    amount equal to 1/11 of the net revenue realized from the tax
21    imposed  by  subsections  (a)  and  (b) of Section 201 of the
22    Illinois Income Tax Act during the preceding month. Beginning
23    July 1, 1995, as soon as may be after the first day  of  each
24    month,  the  Department  of  Revenue  shall  certify  to  the
25    Treasurer an amount equal to 1/10 of the net revenue realized
26    from  the  tax  imposed by subsections (a) and (b) of Section
27    201 of the Illinois  Income  Tax  Act  during  the  preceding
28    month.  Beginning on January 1, 2004, as soon as may be after
29    the first day of each month, the Department of Revenue  shall
 
                            -2-      LRB093 07933 SJM 08124 b
 1    certify  to  the Treasurer an amount equal to 1/11 of the net
 2    revenue realized from the tax imposed by subsections (a)  and
 3    (b)  of Section 201 of the Illinois Income Tax Act during the
 4    preceding month. Net revenue realized for a  month  shall  be
 5    defined  as  the  revenue from the tax imposed by subsections
 6    (a) and (b) of Section 201 of the  Illinois  Income  Tax  Act
 7    which is deposited in the General Revenue Fund, the Education
 8    Assistance Fund and the Income Tax Surcharge Local Government
 9    Distributive  Fund during the month minus the amount paid out
10    of the General Revenue Fund in  State  warrants  during  that
11    same  month  as  refunds  to  taxpayers  for  overpayment  of
12    liability under the tax imposed by subsections (a) and (b) of
13    Section  201 of the Illinois Income Tax Act.  Upon receipt of
14    such certification, the Treasurer  shall  transfer  from  the
15    General Revenue Fund to a special fund in the State treasury,
16    to  be known as the "Local Government Distributive Fund", the
17    amount shown on such certification.
18        Beginning on January 1, 2004, as soon as may be after the
19    first day of each month,  the  Department  of  Revenue  shall
20    certify  to  the  Treasurer an amount equal to the difference
21    between 1/10 of the net revenue and 1/11 of the  net  revenue
22    realized  from  the tax imposed by subsections (a) and (b) of
23    Section 201  of  the  Illinois  Income  Tax  Act  during  the
24    preceding  month.  Upon  receipt  of  this certification, the
25    Treasurer shall transfer from the General Revenue Fund  to  a
26    special  fund  in  the  State  treasury,  known as the School
27    District  Distributive  Fund,  the  amount   shown   on   the
28    certification.
29        All  amounts  paid into the Local Government Distributive
30    Fund and the School District Distributive Fund in  accordance
31    with  this  Section  and  allocated  pursuant to this Act are
32    appropriated on a continuing basis.
33    (Source: P.A. 88-89.)
 
                            -3-      LRB093 07933 SJM 08124 b
 1        (30 ILCS 115/2a new)
 2        Sec. 2a. Allocation and disbursement to  School  District
 3    Distributive  Fund.  As soon as may be after the first day of
 4    each month, the Department of Revenue  shall  allocate  among
 5    the  several  school  districts  of  this  State  the  amount
 6    available   in   the   School   District  Distributive  Fund,
 7    determined as provided in Section 1. Except  as  provided  in
 8    Section 13 of this Act, the Department shall then certify the
 9    allocations  to  the State Comptroller, who shall pay over to
10    the several school districts the respective amounts allocated
11    to them. The amount  of  the  Funds  allocable  to  a  school
12    district shall be in the same proportion as the average daily
13    attendance  of  the  school  district,  as  determined  under
14    Section  18-8.05  of the School Code, is to the average daily
15    attendance for all school districts of the State.

16        Section 99.  Effective date.  This Act  takes  effect  on
17    January 1, 2004.