Illinois Senate Bill 2124 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on February 26 2021 - 25% progression, died in committee
Action: 2021-05-17 - Added as Co-Sponsor Sen. Omar Aquino
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Code. Provides, for tax years ending on or after December 31, 2021, a surcharge is imposed on an Illinois resident's low-taxed investment income. Defines "low-taxed investment income". Provides how the surcharge is calculated. Exempts from the surcharge: (i) resident married individuals filing joint returns, if Illinois taxable income is not more than $250,000; (ii) a resident head of household, if Illinois taxable income is not more than $200,000; and (iii) resident unmarried individuals, resident married individuals filing separate returns, and resident estates and trusts, if Illinois taxable income is not more than $150,000. Effective immediately.

INC TX-CAPITAL GAINS SURCHARGE

Sen. Robert Peters [D]

Sen. Mike Simmons [D]

Sen. Ram Villivalam [D]

Sen. Omar Aquino [D]

Date	Chamber	Action
2021-05-17	Senate	Added as Co-Sponsor Sen. Omar Aquino
2021-05-07	Senate	Added as Co-Sponsor Sen. Ram Villivalam
2021-04-21	Senate	Added as Chief Co-Sponsor Sen. Mike Simmons
2021-02-26	Senate	Referred to Assignments
2021-02-26	Senate	First Reading
2021-02-26	Senate	Filed with Secretary by Sen. Robert Peters

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

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2124&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB2124.htm