IL HB3918 | 2011-2012 | 97th General Assembly

Status

January 8 2013 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Reduces the corporate income tax rate to (i) 6% for taxable years beginning on or after January 1, 2013 and ending prior to January 1, 2014 and (ii) 4.8% for taxable years beginning on or after January 1, 2014. Requires the Department of Revenue to monitor each month the seasonally-adjusted unemployment rate reported by the United States Department of Labor, Bureau of Labor Statistics, for the previous calendar month. Provides that, if the Department finds that (i) the average unemployment rate for the previous calendar month exceeds the average unemployment rate for any of the 3 calendar months immediately preceding the previous calendar month by more than 0.3% and (ii) the unemployment rate during the previous calendar month was 5.05% or higher, then the Department shall, by rule, decrease the rate of tax imposed on corporations by 0.25% for each 0.3% increase in the unemployment rate. Effective immediately.

Tracking Information

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Title

INC TX-CORPORATE RATE

Sponsors


History

DateChamberAction
2013-01-08HouseSession Sine Die
2012-02-08HouseAdded Co-Sponsor Rep. Sidney H. Mathias
2012-01-10HouseReferred to Rules Committee
2012-01-10HouseFirst Reading
2012-01-04HouseAdded Co-Sponsor Rep. Patricia R. Bellock
2011-12-19HouseAdded Co-Sponsor Rep. Sandy Cole
2011-12-15HouseAdded Co-Sponsor Rep. Mike Bost
2011-12-15HouseRemoved Co-Sponsor Rep. Roger L. Eddy
2011-12-15HouseAdded Chief Co-Sponsor Rep. Roger L. Eddy
2011-12-15HouseRemove Chief Co-Sponsor Rep. Mike Bost
2011-12-15HouseAdded Co-Sponsor Rep. Roger L. Eddy
2011-12-15HouseAdded Co-Sponsor Rep. David Reis
2011-12-15HouseAdded Co-Sponsor Rep. Rich Brauer
2011-12-15HouseAdded Co-Sponsor Rep. Raymond Poe
2011-12-15HouseAdded Co-Sponsor Rep. Wayne Rosenthal
2011-12-15HouseAdded Co-Sponsor Rep. Kay Hatcher
2011-12-15HouseAdded Co-Sponsor Rep. Chad Hays
2011-12-15HouseAdded Co-Sponsor Rep. Jason Barickman
2011-12-15HouseAdded Co-Sponsor Rep. Norine Hammond
2011-12-15HouseAdded Co-Sponsor Rep. Jil Tracy
2011-12-15HouseAdded Co-Sponsor Rep. Jim Durkin
2011-12-15HouseAdded Chief Co-Sponsor Rep. Mike Bost
2011-12-15HouseAdded Chief Co-Sponsor Rep. Dan Brady
2011-12-15HouseAdded Chief Co-Sponsor Rep. Michael Unes
2011-12-15HouseAdded Chief Co-Sponsor Rep. Dwight Kay
2011-12-14HouseFiled with the Clerk by Rep. Tom Cross

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355201Amended CodeCitation Text

Illinois State Sources


Bill Comments

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