IL HB5828 | 2011-2012 | 97th General Assembly
Status
Completed Legislative Action
Spectrum: Strong Partisan Bill (Republican 13-1)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Strong Partisan Bill (Republican 13-1)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Reduces the rate of the tax imposed on individuals, trusts, and estates to 3% for taxable years beginning on or after January 1, 2012 (now, 5% for taxable years ending prior to January 1, 2015, 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). Reduces the rate of the tax imposed on corporations to 4.8% for taxable years beginning on or after January 1, 2012 (now, 7% for taxable years ending prior to January 1, 2015, 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). Removes a provision limiting the net loss carryover deduction to $100,000 for any taxable year ending on or after December 31, 2012 and prior to December 31, 2014. Provides that, for any taxable year ending on or after December 31, 2012, such a loss is allowed as a carryback to each of the 2 taxable years preceding the taxable year of the loss and is allowed as a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that no tax shall be imposed under the Act for persons dying after December 31, 2009.
Title
INC TX-RATE REDUCTION
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2013-01-08 | House | Session Sine Die |
| 2012-03-21 | House | Added Co-Sponsor Rep. Chad Hays |
| 2012-02-23 | House | Added Co-Sponsor Rep. Chris Nybo |
| 2012-02-23 | House | Added Co-Sponsor Rep. Sandy Cole |
| 2012-02-22 | House | Added Co-Sponsor Rep. Richard Morthland |
| 2012-02-22 | House | Added Co-Sponsor Rep. Kay Hatcher |
| 2012-02-22 | House | Added Co-Sponsor Rep. Thomas Morrison |
| 2012-02-22 | House | Added Co-Sponsor Rep. Rosemary Mulligan |
| 2012-02-22 | House | Added Co-Sponsor Rep. Rich Brauer |
| 2012-02-22 | House | Added Co-Sponsor Rep. Raymond Poe |
| 2012-02-22 | House | Added Chief Co-Sponsor Rep. Joe Sosnowski |
| 2012-02-22 | House | Added Chief Co-Sponsor Rep. Michael P. McAuliffe |
| 2012-02-22 | House | Added Chief Co-Sponsor Rep. Paul Evans |
| 2012-02-22 | House | Added Chief Co-Sponsor Rep. Ed Sullivan, Jr. |
| 2012-02-16 | House | Referred to Rules Committee |
| 2012-02-16 | House | First Reading |
| 2012-02-16 | House | Filed with the Clerk by Rep. Kent Gaffney |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 405 | 2 | Amended Code | Citation Text |
| 35 | 405 | 3 | Amended Code | Citation Text |
| 35 | 5 | 201 | Amended Code | Citation Text |
| 35 | 5 | 207 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5828&GAID=11&DocTypeID=HB&SessionID=84&GA=97 |
| Text | https://www.ilga.gov/legislation/97/HB/09700HB5828.htm |
