Virginia Aircraft S&UT; credit for tax paid on aircraft purchased from broker for noncommercial use.

2025 Regular Session Introduced by Kim Taylor

HB 2703 makes only technical edits to the firemen’s annuity and benefit fund statute for Chicago, correcting wording without changing benefits, duties, or funding.

Left in Finance

Summary — HB 2703 (Public Employee Benefits — Technical)

Note: The provided materials included text from more than one jurisdiction and bill number (including an unrelated Arizona elections bill). This summary focuses on the Public Employee Benefits technical bill as filed in Illinois (sponsored by Rep. Michael J. Kelly), which is the bill titled "PUBLIC EMPLOYEE BENEFITS‑TECH" in the materials.

Main purpose / intent

HB 2703 makes a technical amendment to the Illinois Pension Code (40 ILCS 5/6‑101). The change is clerical/technical in nature and does not alter substantive pension policy, benefit formulas, or funding requirements. Its intent is to correct and clarify statutory language concerning the creation of a firemen’s annuity and benefit fund in large cities (i.e., Chicago).

Key provisions

Amends Section 6‑101 of the Illinois Pension Code (from Ch. 108½, par. 6‑101).

Revises the statutory text that describes the creation, purpose and beneficiaries of a firemen’s annuity and benefit fund in cities with more than 500,000 inhabitants. The change shown in the bill is technical (for example, correcting duplicated words and clarifying phrasing).

No additions of new substantive duties, benefit entitlements, or funding mechanisms are included in the text provided.

Who or what is affected

Primarily the statutory description of the firemen’s annuity and benefit fund that applies to cities of more than 500,000 inhabitants (i.e., Chicago).

Firefighters, their survivors, and other named beneficiaries are referenced only as part of the descriptive language; the bill does not change eligibility, benefits, or contribution rules.

State and municipal pension administrators are affected only to the extent they reference and rely on the corrected statutory text.

Procedural / timeline details

Sponsor: Rep. Michael J. Kelly.

Filed/introduced in early February 2025 (legislative filings in the record show early‑February dates).

According to the provided legislative action history, the bill passed both chambers and was:

Sent to the Governor (May 20, 2025)
Signed by the Governor (May 28, 2025)
Effective immediately upon signing (May 28, 2025)

Impact and fiscal considerations

The amendment is technical and intended to remove or correct drafting errors; it does not create new liabilities or change benefits.

No direct fiscal impact or operational change is expected beyond updating statutory text and any legal citations or references that rely on the corrected language.

If you want, I can provide the exact before-and-after statutory text for Section 6‑101 (as shown in the bill) or confirm the final enrolled language from the official state legislative website.