Bill Status of HB 3918   97th General Assembly

Short Description:  INC TX-CORPORATE RATE

House Sponsors
Rep. Tom Cross-Dwight Kay-Michael Unes-Dan Brady-Roger L. Eddy, Mike Bost, Jim Durkin, Jil Tracy, Norine Hammond, Jason Barickman, Chad Hays, Kay Hatcher, Wayne Rosenthal, Raymond Poe, Rich Brauer, David Reis, Sandy Cole, Patricia R. Bellock, Bill Mitchell and Sidney H. Mathias

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/201from Ch. 120, par. 2-201

Synopsis As Introduced
Amends the Illinois Income Tax Act. Reduces the corporate income tax rate to (i) 6% for taxable years beginning on or after January 1, 2013 and ending prior to January 1, 2014 and (ii) 4.8% for taxable years beginning on or after January 1, 2014. Requires the Department of Revenue to monitor each month the seasonally-adjusted unemployment rate reported by the United States Department of Labor, Bureau of Labor Statistics, for the previous calendar month. Provides that, if the Department finds that (i) the average unemployment rate for the previous calendar month exceeds the average unemployment rate for any of the 3 calendar months immediately preceding the previous calendar month by more than 0.3% and (ii) the unemployment rate during the previous calendar month was 5.05% or higher, then the Department shall, by rule, decrease the rate of tax imposed on corporations by 0.25% for each 0.3% increase in the unemployment rate. Effective immediately.

Actions 
DateChamber Action
  12/14/2011HouseFiled with the Clerk by Rep. Tom Cross
  12/15/2011HouseAdded Chief Co-Sponsor Rep. Dwight Kay
  12/15/2011HouseAdded Chief Co-Sponsor Rep. Michael Unes
  12/15/2011HouseAdded Chief Co-Sponsor Rep. Dan Brady
  12/15/2011HouseAdded Chief Co-Sponsor Rep. Mike Bost
  12/15/2011HouseAdded Co-Sponsor Rep. Jim Durkin
  12/15/2011HouseAdded Co-Sponsor Rep. Jil Tracy
  12/15/2011HouseAdded Co-Sponsor Rep. Norine Hammond
  12/15/2011HouseAdded Co-Sponsor Rep. Jason Barickman
  12/15/2011HouseAdded Co-Sponsor Rep. Chad Hays
  12/15/2011HouseAdded Co-Sponsor Rep. Kay Hatcher
  12/15/2011HouseAdded Co-Sponsor Rep. Wayne Rosenthal
  12/15/2011HouseAdded Co-Sponsor Rep. Raymond Poe
  12/15/2011HouseAdded Co-Sponsor Rep. Rich Brauer
  12/15/2011HouseAdded Co-Sponsor Rep. David Reis
  12/15/2011HouseAdded Co-Sponsor Rep. Roger L. Eddy
  12/15/2011HouseRemove Chief Co-Sponsor Rep. Mike Bost
  12/15/2011HouseAdded Chief Co-Sponsor Rep. Roger L. Eddy
  12/15/2011HouseRemoved Co-Sponsor Rep. Roger L. Eddy
  12/15/2011HouseAdded Co-Sponsor Rep. Mike Bost
  12/19/2011HouseAdded Co-Sponsor Rep. Sandy Cole
  1/4/2012HouseAdded Co-Sponsor Rep. Patricia R. Bellock
  1/10/2012HouseFirst Reading
  1/10/2012HouseReferred to Rules Committee
  2/8/2012HouseAdded Co-Sponsor Rep. Sidney H. Mathias
  1/8/2013HouseSession Sine Die

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