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90_HB2798
New Act
30 ILCS 105/5.480 new
Creates the Taxpayer Refund Act. Provides that for any
fiscal year in which the revenues into the State's general
funds exceed the prior year's general funds revenues, the
excess funds shall be deposited into the Rainy Day Fund, a
special fund that is hereby created in the State treasury to
retain State revenues for future needs, reduce the need for
future tax increases, and provide available resources to meet
State obligations whenever failures in revenues occur.
Provides that if, at the close of a fiscal year on June 30,
the Rainy Day Fund contains more than $400,000,000, then the
excess amount shall be refunded as soon as possible to
taxpayer's with an adjusted gross income of less than
$100,000. Provides that refunds shall be pro rata based on
the liability reported on and paid with respect to the
taxpayer's income tax return. Provides that the Department
of Revenue shall adopt rules to implement the refund
provisions of this Act. Amends the State Finance Act to
create the Fund.
LRB9009646KDks
LRB9009646KDks
1 AN ACT concerning taxpayer refunds.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Taxpayer Refund Act.
6 Section 5. Rainy Day Fund. For any fiscal year in which
7 the revenues into the State's general funds exceed the prior
8 year's general funds revenues, the excess funds shall be
9 deposited into the Rainy Day Fund, a special fund that is
10 hereby created in the State treasury to retain State revenues
11 for future needs, reduce the need for future tax increases,
12 and provide available resources to meet State obligations
13 whenever failures in revenues occur.
14 Section 10. Use of Fund. The Governor, Comptroller, and
15 Treasurer may, upon a determination that there are
16 insufficient resources available within the general funds of
17 the State to meet the State's obligations, direct the
18 transfer of moneys in the Fund to the general funds of the
19 State. The timing and amount of those transfers shall be as
20 specified by the Governor, Comptroller, and Treasurer.
21 Section 15. Refunds. If, at the close of a fiscal year
22 on June 30, the Rainy Day Fund contains more than
23 $400,000,000, then the excess amount shall be refunded as
24 soon as possible to taxpayer's with an adjusted gross income,
25 as determined under the Illinois Income Tax Act for the
26 taxable year ending in the previous calendar year, of less
27 than $100,000. Refunds shall be pro rata based on the
28 liability reported on and paid with respect to the taxpayer's
29 income tax return for the taxable year ending in the previous
-2- LRB9009646KDks
1 calendar year.
2 Section 20. Rules. The Department of Revenue shall
3 adopt reasonable rules relating to the procedures for
4 refunding excess moneys and for offsetting any refund against
5 any delinquent taxes owed by the taxpayer to the State.
6 Section 95. The State Finance Act is amended by adding
7 Section 5.480 as follows:
8 (30 ILCS 105/5.480 new)
9 Sec. 5.480. The Rainy Day Fund.