Bill Title: 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.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2016-02-01 - Referred to Rules Committee [HB4613 Detail]

Text: Latest bill text (Introduced) [HTML]

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