Illinois House Bill 4950

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 7 2024 - 25% progression
Action: 2024-02-07 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the State Budget Law of the Civil Administrative Code. Provides that, beginning with the budget prepared for fiscal year 2026, the rate of growth of appropriations from the State general funds over the preceding fiscal year appropriations from the State general funds shall not exceed the rate of growth of the Illinois economy. Provides that "rate of growth of the Illinois economy" means the compound annual growth rate of the gross domestic product in the State over the preceding 10 calendar years, calculated using data reported by the United States Bureau of Economic Analysis or its successor agency before December 31 immediately preceding the beginning of the applicable fiscal year.

BUDGET-SPENDING GROWTH RATE

Rep. Tim Ozinga [R]

Date	Chamber	Action
2024-02-07	House	Referred to Rules Committee
2024-02-07	House	First Reading
2024-02-07	House	Filed with the Clerk by Rep. Tim Ozinga

Chapter	Article	Section	Citation Type	Statute Text
15	20	50-5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4950&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4950.htm