INC TX-INCREASE LGDF

Amends the Illinois Income Tax Act. Provides that beginning on the first day of the first month to occur not less than 30 days after the effective date of the amendatory Act, the State Comptroller and the State Treasurer shall transfer each month from the General Revenue Fund to the Local Government Distributive Fund an amount equal to 1/10 of the income tax proceeds collected during the previous month, minus certain amounts paid as refunds (now, the amount transferred is a specified percentage based on the year the tax is collected and the rate of tax). Effective immediately.