Illinois House Bill 4239 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on June 30 2015 - 25% progression, died in committee
Action: 2015-06-30 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Provides that the rate of tax on individuals, trusts, and estates shall be (i) 3.375% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 2.295% for taxable years beginning on or after January 1, 2025 (currently, 3.75% for taxable years beginning on or after January 1, 2015 and ending prior to January 1, 2025 and 3.25% for taxable years beginning on or after January 1, 2025). Provides that the rate of tax on corporations shall be (i) 4.725% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 4.32% for taxable years beginning on or after January 1, 2025 (currently, 5.25% for taxable years beginning on or after January 1, 2015 and ending prior to January 1, 2025 and 4.8% for taxable years beginning on or after January 1, 2025). Makes corresponding changes concerning the distribution of proceeds. Effective immediately.

INC TX-RATES

Rep. John Cabello [R]

Date	Chamber	Action
2015-06-30	House	Referred to Rules Committee
2015-06-30	House	First Reading
2015-06-30	House	Filed with the Clerk by Rep. John M. Cabello

Chapter	Article	Section	Citation Type	Statute Text
35	5	201	Amended Code	Citation Text
35	5	901	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4239&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB4239.htm