FINANCIALLY DISTRESSED CITIES

Amends the State Revenue Sharing Act and the Illinois Income Tax Act. Provides that a monthly transfer shall be made to the Local Government Distributive Fund an amount certified by the Department of Revenue equal to: (1) the amount that would have been distributed under the State Revenue Sharing Act to all financially distressed cities if a sum calculated using 10% of the net revenue realized from the tax imposed by the Illinois Income Tax Act upon individuals, trusts, estates, and corporations during the preceding month had been transferred to the Local Government Distributive Fund; and (2) subtracting the amount distributed to all financially distressed cities from the Local Government Distributive Fund under the State Revenue Sharing Act. Provides for continuing appropriation if insufficient appropriations are made. Amends the Financially Distressed City Law of the Illinois Municipal Code. Makes the law applicable to both home rule and non-home rule municipalities. Provides that a State agency or unit of local government may also render technical assistance to a municipality's Financial Advisory Authority as the Authority may request. Provides that the State shall not reduce revenues or impose additional costs affecting a financially distressed city affecting the municipality unless it is consistent with the Financial Plan and Budget in effect. Provides that State mandates enacted while a municipality is designated as a financially distressed city that would cause the municipality to incur costs are not valid or enforceable during the period when the municipality is under the financially distressed city designation. Effective January 1, 2021.