BLACK-BERGMAN. 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 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 taxpayers 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. 98-02-04 H FILED WITH CLERK 98-02-04 H FIRST READING 98-02-04 H REFERRED TO HOUSE RULES COMMITTEE RULES 98-03-26 H ADDED AS A JOINT SPONSOR BERGMAN 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary