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(Section scheduled to be repealed on December 1, 2015)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