SB 2599 allocates $7,047,506,738 in state funds for teacher retirement system contributions during fiscal year 2025. The bill specifies funding from multiple state accounts - including the General Fund, Common School Fund, and Education Assistance Fund - to cover existing obligations for public school teachers' retirement benefits and health insurance. It directly affects Illinois public school teachers by ensuring state contributions to their retirement systems as required by current pension laws. The funding takes effect July 1, 2025, and does not create new policies or alter benefit calculations.
Amends the Illinois Income Tax Act. Creates a credit for financial institutions with less than $50,000,000,000 in assets in an amount equal to the aggregate amount of all fees, penalties, and any other income derived during the taxable year from each commercial loan transaction that is (i) less than $5,000,000, (ii) originated by the financial institution, (iii) made to a person residing or located in this State, and (iv) made primarily for a business or agricultural project in this State. Effective immediately.
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Appropriates $2 from the General Revenue Fund to the Office of the Executive Inspector General for the Treasurer for its FY26 ordinary and contingent expenses. Effective July 1, 2025.
Appropriates $2 from the General Revenue Fund to the Department of Innovation and Technology for its FY26 ordinary and contingent expenses. Effective July 1, 2025.
Appropriates the sum of $8,620,000 from the General Revenue Fund to the Auditor General to meet the ordinary and contingent expenses of the Office of the Auditor General. Appropriates $35,592,488 to the Auditor General from the Audit Expense Fund for administrative and operations expenses and audits, studies, investigations, and expenses related to actuarial services. Effective July 1, 2025.
Amends the Illinois Income Tax Act. Creates an income tax credit in the amount of $500 for a taxpayer who serves as a full-time police officer, firefighter, or rescue worker during the taxable year. Effective immediately.
Appropriates $38,275,200 from the General Revenue Fund to the Office of the State Appellate Defender for its ordinary and contingent expenses. Effective July 1, 2025.
Amends the Illinois Income Tax Act. Increases the amount transferred from the General Revenue Fund to the Local Government Distributive Fund. Effective immediately.
SB 2604 is a funding bill that allocates $90 million from the General Revenue Fund to the Illinois Attorney General's Office for its general operations during the 2025-2026 fiscal year. It also specifies additional funding for specific programs, including $11 million for crime victim grants, $5 million for domestic violence legal services, $2.5 million for Medicaid fraud enforcement, and $3.75 million for tobacco litigation oversight. The bill takes effect July 1, 2025, and provides no new policy changes - only budget allocations for existing Attorney General functions.
Amends the Property Tax Code. Creates a homestead exemption in the amount of a reduction of $5,000 from the equalized assessed value of property of the surviving spouse of a police officer or firefighter who is killed in the line of duty. Effective immediately.
