Local income taxes.

Phases in a new distribution formula for certain local income tax (LIT) revenue using a weighted combination of property tax levies and residential assessed value for taxing units receiving this LIT revenue. Phases in the weights over five years beginning in 2023. Amends provisions that provide for a distribution of LIT revenue to schools in counties that imposed a rate under the prior county adjusted gross income tax (CAGIT) before its repeal to apply to all schools in counties that impose a LIT under current law regardless of whether the county imposed a rate under the prior CAGIT.