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]

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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

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