LOTTERY-SCHOOLS

Amends the Illinois Lottery Law. Creates the Lottery Supports Schools Fund. Provides that certain lottery revenues shall be deposited into the Fund. Provides that moneys in the fund shall be distributed to school districts based on the district's percentage of lottery sales. Amends the Illinois Income Tax Act. Beginning with the first taxable year after the taxable year in which a Management and Concession Agreement is entered into under the Illinois Lottery Law, increases the individual rate from 3% to 3.25% and the corporate rate from 4.8% to 5.2%. Provides that 100% of the net increase in collections shall be deposited into the Common School Fund. All changes are contingent upon Senate Bill 2595, as amended by House Amendment No. 4, becoming law. Effective immediately.