IL HB4613 | 2015-2016 | 99th General Assembly
Status
Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on January 29 2016 - 25% progression, died in committee
Action: 2016-02-01 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 29 2016 - 25% progression, died in committee
Action: 2016-02-01 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Reduces the rate of tax on corporations to 1% beginning on January 1, 2016 (currently, the rate is 5.25% until January 1, 2025 and 4.8% thereafter). Makes corresponding changes in provisions concerning transfers to the Local Government Distributive Fund. Effective immediately.
Title
INC TX-CORPORATE RATE
Sponsors
| Rep. Jack Franks [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2016-02-01 | House | Referred to Rules Committee |
| 2016-02-01 | House | First Reading |
| 2016-01-29 | House | Filed with the Clerk by Rep. Jack D. Franks |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 5 | 201 | Amended Code | Citation Text |
| 35 | 5 | 901 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4613&GAID=13&DocTypeID=HB&SessionID=88&GA=99 |
| Text | https://www.ilga.gov/legislation/99/HB/09900HB4613.htm |
