IL HB3522 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 10 2017 - 25% progression
Action: 2018-04-26 - Tabled
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2018, the rate of tax for individuals, trusts, and estates shall be: (1) 4% of the portion of the taxpayer's net income from $0 to $7,500; (2) 5.84% of the portion of the taxpayer's net income exceeding $7,500 but not exceeding $15,000; (3) 6.27% of the portion of the taxpayer's net income exceeding $15,000 but not exceeding $225,000; and (4) 7.65% of the portion of the taxpayer's net income exceeding $225,000. Amends the State Finance Act. Creates the Education Property Tax Relief Fund. Provides that moneys in the Fund shall be distributed to school districts, and sets forth the distribution formula. Provides that transfers from the Tobacco Settlement Recovery Fund to the Budget Stabilization Fund shall cease upon the first transfer of moneys into the Budget Stabilization Fund under the provisions of the amendatory Act. Amends the Budget Stabilization Act. Provides for minimum funding levels to be maintained in the Budget Stabilization Fund and for the transfer of specified amounts to the Budget Stabilization Fund if minimum funding levels are not maintained. Makes other changes. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, beginning on January 1, 2018, the rate of tax shall be 5.75% (currently, 6.25%). Amends various Acts to make conforming changes. Amends the Aircraft Use Tax Law and the Watercraft Use Tax Law. Provides that the rate of tax under those Act shall be 5.75% (currently, 6.25%). Effective immediately.

Tracking Information

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Title

REVENUE-VARIOUS

Sponsors


History

DateChamberAction
2018-04-26HouseTabled
2018-04-26HouseMotion Prevailed
2018-04-23HouseMotion Filed - Table Bill/Resolution Pursuant to Rule 60(b), Rep. Robert Martwick
2018-04-13HouseRule 19(a) / Re-referred to Rules Committee
2018-02-14HouseTo Growth, Reform & Fairness Subcommittee
2018-02-14HouseAssigned to Revenue & Finance Committee
2017-03-31HouseRule 19(a) / Re-referred to Rules Committee
2017-03-09HouseTo Growth, Reform & Fairness Subcommittee
2017-02-22HouseAssigned to Revenue & Finance Committee
2017-02-10HouseReferred to Rules Committee
2017-02-10HouseFirst Reading
2017-02-10HouseFiled with the Clerk by Rep. Robert Martwick

Code Citations

ChapterArticleSectionCitation TypeStatute Text
20605605-332Amended CodeCitation Text
301055.878New CodeSee Bill Text
301056z-102New CodeSee Bill Text
301056z-18Amended CodeCitation Text
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3515710-15Amended CodeCitation Text
3515710-40Amended CodeCitation Text
3515815-15Amended CodeCitation Text
355201Amended CodeCitation Text
355901Amended CodeCitation Text

Illinois State Sources


Bill Comments

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