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Monday, January 7, 2013

Bill Would Allow State To Borrow From Local Sales Taxes

The IML just reported that the Illinois House Executive Committee approved SB 2580 as amended that would allow the state to borrow money from sales-tax proceeds for cities and counties.  The bill transfers $9.6 million from the Local Government Tax Fund (sales tax revenue) to the Illinois State Medical Disciplinary Fund and requires the money to be paid back after two years. The money is being transferred to avert significant staff layoffs among those involved in regulating the medical profession at the Department of Financial and Professional Regulation.


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