Full Text of SB1595 98th General Assembly
SB1595eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning finance.
| 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 changing | 5 | | Section 6z-17 as follows:
| 6 | | (30 ILCS 105/6z-17) (from Ch. 127, par. 142z-17)
| 7 | | Sec. 6z-17. Of the money paid into the State and Local | 8 | | Sales Tax Reform
Fund: (i) subject to appropriation to the | 9 | | Department of Revenue,
Municipalities having 1,000,000 or more | 10 | | inhabitants shall
receive 20% and may expend such amount to | 11 | | fund and establish a program for
developing and coordinating | 12 | | public and private resources targeted to meet
the affordable | 13 | | housing needs of low-income and very low-income households
| 14 | | within such municipality, (ii) 10% shall be transferred into | 15 | | the Regional
Transportation Authority Occupation and Use Tax | 16 | | Replacement Fund, a special
fund in the State treasury which is | 17 | | hereby created, (iii) until July 1, 2013, subject to
| 18 | | appropriation to the Department of Transportation, the The | 19 | | Madison County Mass Transit
District shall receive .6%, and | 20 | | beginning on July 1, 2013, subject to appropriation to the | 21 | | Department of Revenue, 0.6% shall be distributed each month out | 22 | | of the Fund to the Madison County Mass Transit District, (iv)
| 23 | | the following amounts, plus any cumulative deficiency in such |
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| 1 | | transfers for
prior months, shall be transferred monthly into | 2 | | the Build Illinois
Fund and credited to the Build Illinois Bond | 3 | | Account therein:
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4 | | Fiscal Year |
Amount |
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5 | | 1990 |
$2,700,000 |
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6 | | 1991 |
1,850,000 |
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7 | | 1992 |
2,750,000 |
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8 | | 1993 |
2,950,000 |
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9 | | From Fiscal Year 1994 through Fiscal Year 2025 the transfer | 10 | | shall total
$3,150,000 monthly, plus any cumulative deficiency | 11 | | in such transfers for
prior months, and (v) the remainder of | 12 | | the money paid into the State and
Local Sales Tax Reform Fund | 13 | | shall be
transferred into the Local Government Distributive | 14 | | Fund and, except for
municipalities with 1,000,000 or more | 15 | | inhabitants which shall receive no
portion of such remainder, | 16 | | shall be distributed, subject to appropriation,
in the manner | 17 | | provided by Section 2 of "An Act in relation to State revenue
| 18 | | sharing with local government entities", approved July 31, | 19 | | 1969, as now or
hereafter amended. Municipalities with more | 20 | | than 50,000 inhabitants
according to the 1980 U.S. Census and | 21 | | located within the Metro East Mass
Transit District receiving | 22 | | funds pursuant to provision (v) of this
paragraph may expend | 23 | | such amounts to fund and establish a program for
developing and | 24 | | coordinating public and private resources targeted to meet
the | 25 | | affordable housing needs of low-income and very low-income | 26 | | households
within such municipality.
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| 1 | | (Source: P.A. 95-708, eff. 1-18-08.)
| 2 | | Section 99. Effective date. This Act takes effect upon | 3 | | becoming law.
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