Bill Sponsors: IL HB5828 | 2011-2012 | 97th General Assembly
Bill Title: 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.
Spectrum: Strong Partisan Bill (Republican 13-1)
Status: (Failed) 2013-01-08 - Session Sine Die [HB5828 Detail]
Text: Latest bill text (Introduced) [HTML]
Spectrum: Strong Partisan Bill (Republican 13-1)
Status: (Failed) 2013-01-08 - Session Sine Die [HB5828 Detail]
Text: Latest bill text (Introduced) [HTML]
Sponsors
Name | Type | Sponsorship | District | Financial | Encyclopedia | Biography |
---|---|---|---|---|---|---|
Representative Kent Gaffney [R] | Primary | Sponsored Bills | HD-052 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Ed Sullivan [R] | Cosponsor | Sponsored Bills | HD-051 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Paul Evans [D] | Cosponsor | Sponsored Bills | HD-102 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Michael McAuliffe [R] | Cosponsor | Sponsored Bills | HD-020 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Joe Sosnowski [R] | Cosponsor | Sponsored Bills | HD-069 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Raymond Poe [R] | Cosponsor | Sponsored Bills | HD-099 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Rich Brauer [R] | Cosponsor | Sponsored Bills | HD-087 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Rosemary Mulligan [R] | Cosponsor | Sponsored Bills | HD-065 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Thomas Morrison [R] | Cosponsor | Sponsored Bills | HD-054 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Kay Hatcher [R] | Cosponsor | Sponsored Bills | HD-050 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Richard Morthland [R] | Cosponsor | Sponsored Bills | HD-071 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Sandy Cole [R] | Cosponsor | Sponsored Bills | HD-062 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Chris Nybo [R] | Cosponsor | Sponsored Bills | SD-024 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Chad Hays [R] | Cosponsor | Sponsored Bills | HD-104 | FollowTheMoney | Ballotpedia | VoteSmart |