Sec. 7-95. Adjustment of dollar amounts.

413 words·~2 min read·/il/chapter-110/act-992/7-95

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)From time to time, the dollar amounts in this Act designated as subject to change shall change, as provided in this Section, according to and to the extent of changes in the index.

(b)The index for December of the year preceding the year in which this Act becomes effective is the reference base index.

(c)The designated dollar amounts shall change on July 1 of each even-numbered year if the percentage of change, calculated to the nearest whole percentage point, between the index and the end of the preceding year and the reference base index is 10% or more, but:

(1)the portion of the percentage change in the index in excess of a multiple of 10%

shall be disregarded and the dollar amounts shall change only in multiples of 10% of the amounts provided in this Act on the date of enactment; and

(2)the dollar amounts shall not change if the amounts required by this Section are

those currently in effect pursuant to this Act as a result of earlier application of this Section.

(d)If the index is revised, the percentage of change pursuant to this Section shall be calculated on the basis of the revised index. If a revision of the index changes the reference base index, a revised reference base index shall be determined by multiplying the reference base index then applicable by the rebasing factor furnished by the Bureau of Labor Statistics. If the index is superseded, the index referred to in this Section is the one represented by the Bureau of Labor Statistics as reflecting most accurately changes in the purchasing power of the dollar for consumers.

(e)The Department shall adopt a rule setting forth, on or before April 30 of each year in which dollar amounts are to change, the changes in dollar amounts required by this Section. As soon as practical after the changes occur, the Department shall adopt a rule setting forth the changes in the index required by subsection (d), including, if applicable, the numerical equivalent of the reference base index under a revised reference base index and the designation or title of any index superseding the index.

(f)A person does not violate this Act with respect to a transaction otherwise complying with this Act if the person relies on dollar amounts either determined according to subsection

(c)or appearing in the last rule of the Department announcing the then-current dollar amounts.