Illinois Compiled Statutes 25 ILCS 157 Illinois Revenue Volatility Study Act. Section 5

    (25 ILCS 157/5)

    (Section scheduled to be repealed on December 1, 2015)

    Sec. 5. Illinois Revenue Volatility Study.

    (a) The Commission on Government Forecasting and Accountability shall conduct a study of the volatility of the sources of general revenue funds collected by the State of Illinois.

    (b) The study shall include, but is not limited to:

        (1) an examination of Illinois' tax base and tax

    revenue volatility;

        (2) the identification of economic variables that may

    influence the volatility of tax revenue;

        (3) an analysis of the adequacy of the balances in

    the Budget Stabilization Fund in relation to the volatility of tax revenues; and

        (4) an examination of options for a deposit mechanism

    linked to one or more tax sources on the basis of each tax source's observed volatility, including:

            (A) an analysis of how the options would have

        performed historically within Illinois; and

            (B) an analysis of how the options would likely

        perform based on the most recent revenue forecast.

    (c) On or before December 31, 2014, the Commission shall report its findings to the General Assembly and the Governor.

(Source: P.A. 98-682, eff. 6-30-14.)

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Last modified: February 18, 2015