Bill Title: Amends the Illinois Income Tax Act. For taxable years beginning on or after January 1, 2015, reduces the rate of tax to 3% for individuals, trusts, and estates and 4.8% for corporations. Makes corresponding changes concerning the distribution of tax proceeds. Provides that, if the State exceeds certain specified spending limitations, the Auditor General shall post a copy of the supplemental spending report on his or her website. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0176 Detail]

Text: Latest bill text (Introduced) [HTML]

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