Bill Title: Amends the Illinois Income Tax Act. Provides that the rate of tax on individuals, trusts, and estates shall be (i) 3.375% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 2.295% for taxable years beginning on or after January 1, 2025 (currently, 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). Provides that the rate of tax on corporations shall be (i) 4.725% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 4.32% for taxable years beginning on or after January 1, 2025 (currently, 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). Makes corresponding changes concerning the distribution of proceeds. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-06-30 - Referred to Rules Committee [HB4239 Detail]

---

Bill Drafts

Revision	Date	Format	Source	View
Introduced	2015-06-30	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4239

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4239 currently on file.