Bill Title: Amends the Illinois Income Tax Act. Reduces the rate of tax imposed by Public Act 96-1496 to 3% for individuals, trusts, and estates and 4.8% for corporations (the rates in effect immediately prior to the effective date of Public Act 96-1496). Provides that the amendatory Act supersedes Public Act 96-1496 and that the rates shall be deemed to be 3% for individuals, trusts, and estates and 4.8% for corporations for the entire period beginning on the effective date of Public Act 96-1496 through the effective date of the amendatory Act and thereafter. Makes corresponding changes concerning the distribution of tax proceeds. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to reverse certain changes made by Public Act 96-1496. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2013-01-08 - Session Sine Die [SB2239 Detail]

Text: Latest bill text (Introduced) [HTML]

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