The State's Credit Fundamentals Continue to Improve
Path to a Fair Income Tax System
Legislative
Action
• Constitutional amendment must be approved by
three-fifths of the members of both chambers.
19
General
Election
Once approved, the amendment would be put to the
voters for the November 2020 election.
Voter
Action
Statutory
Changes
Revenue
Collection
• Amendment becomes effective if approved by either
60% of those voting on the amendment or a majority
of those voting in that election.
• Income tax rates would be passed in separate
legislation with the implementation contingent on
the passage of the constitutional amendment.
• If approved by voters, fair tax could be implemented
as early as January 2021, providing a half year of
additional revenue to the state in fiscal
year
2021.
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OF ILLINO
AUG. 26 1818View entire presentation