IL HB2890 | 2013-2014 | 98th General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 35-0)
Status: Failed on December 3 2014 - 100% progression
Action: 2014-12-03 - 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, 2014 and ending prior to January 1, 2015 and (ii) 4.8% for taxable years beginning on or after January 1, 2015. 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
2014-12-03HouseSession Sine Die
2013-03-22HouseRule 19(a) / Re-referred to Rules Committee
2013-03-15HouseAdded Co-Sponsor Rep. JoAnn D. Osmond
2013-03-15HouseAdded Co-Sponsor Rep. Tom Demmer
2013-03-15HouseAdded Co-Sponsor Rep. Ed Sullivan, Jr.
2013-03-15HouseAdded Co-Sponsor Rep. Charles E. Meier
2013-03-15HouseAdded Co-Sponsor Rep. Josh Harms
2013-03-04HouseAssigned to Revenue & Finance Committee
2013-02-27HouseAdded Co-Sponsor Rep. David Reis
2013-02-27HouseAdded Co-Sponsor Rep. Pam Roth
2013-02-27HouseAdded Co-Sponsor Rep. Jim Durkin
2013-02-27HouseAdded Co-Sponsor Rep. Sandra M. Pihos
2013-02-27HouseAdded Co-Sponsor Rep. Jeanne M Ives
2013-02-27HouseAdded Co-Sponsor Rep. Patricia R. Bellock
2013-02-27HouseAdded Co-Sponsor Rep. Keith P. Sommer
2013-02-27HouseAdded Co-Sponsor Rep. Darlene J. Senger
2013-02-27HouseAdded Co-Sponsor Rep. Raymond Poe
2013-02-27HouseAdded Co-Sponsor Rep. Michael P. McAuliffe
2013-02-27HouseAdded Co-Sponsor Rep. David R. Leitch
2013-02-27HouseAdded Co-Sponsor Rep. David Harris
2013-02-27HouseAdded Co-Sponsor Rep. Renée Kosel
2013-02-27HouseAdded Co-Sponsor Rep. John M. Cabello
2013-02-27HouseAdded Co-Sponsor Rep. Jil Tracy
2013-02-27HouseAdded Co-Sponsor Rep. Norine Hammond
2013-02-27HouseAdded Co-Sponsor Rep. Michael Unes
2013-02-27HouseAdded Co-Sponsor Rep. C.D. Davidsmeyer
2013-02-27HouseAdded Co-Sponsor Rep. Brad E. Halbrook
2013-02-27HouseAdded Co-Sponsor Rep. John D. Cavaletto
2013-02-27HouseAdded Co-Sponsor Rep. Bill Mitchell
2013-02-27HouseAdded Co-Sponsor Rep. Adam Brown
2013-02-27HouseAdded Co-Sponsor Rep. Wayne Rosenthal
2013-02-27HouseAdded Co-Sponsor Rep. Rich Brauer
2013-02-27HouseAdded Co-Sponsor Rep. Jim Sacia
2013-02-26HouseReferred to Rules Committee
2013-02-26HouseFirst Reading
2013-02-26HouseChief Co-Sponsor Changed to Rep. Tom Cross
2013-02-26HouseAdded Chief Co-Sponsor Rep. Tom Cross
2013-02-26HouseAdded Chief Co-Sponsor Rep. Chad Hays
2013-02-26HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
2013-02-25HouseAdded Chief Co-Sponsor Rep. Michael W. Tryon
2013-02-25HouseFiled with the Clerk by Rep. Dwight Kay

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355201Amended CodeCitation Text

Illinois State Sources


Bill Comments

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