Bill Status of HB 5828   97th General Assembly

Short Description:  INC TX-RATE REDUCTION

House Sponsors
Rep. Kent Gaffney-Ed Sullivan, Jr.-Paul Evans-Michael P. McAuliffe-Joe Sosnowski, Raymond Poe, Rich Brauer, Rosemary Mulligan, Thomas Morrison, Kay Hatcher, Richard Morthland, Sandy Cole, Chris Nybo and Chad Hays

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
35 ILCS 5/207from Ch. 120, par. 2-207
35 ILCS 405/2from Ch. 120, par. 405A-2
35 ILCS 405/3from Ch. 120, par. 405A-3

Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/16/2012HouseFiled with the Clerk by Rep. Kent Gaffney
  2/16/2012HouseFirst Reading
  2/16/2012HouseReferred to Rules Committee
  2/22/2012HouseAdded Chief Co-Sponsor Rep. Ed Sullivan, Jr.
  2/22/2012HouseAdded Chief Co-Sponsor Rep. Paul Evans
  2/22/2012HouseAdded Chief Co-Sponsor Rep. Michael P. McAuliffe
  2/22/2012HouseAdded Chief Co-Sponsor Rep. Joe Sosnowski
  2/22/2012HouseAdded Co-Sponsor Rep. Raymond Poe
  2/22/2012HouseAdded Co-Sponsor Rep. Rich Brauer
  2/22/2012HouseAdded Co-Sponsor Rep. Rosemary Mulligan
  2/22/2012HouseAdded Co-Sponsor Rep. Thomas Morrison
  2/22/2012HouseAdded Co-Sponsor Rep. Kay Hatcher
  2/22/2012HouseAdded Co-Sponsor Rep. Richard Morthland
  2/23/2012HouseAdded Co-Sponsor Rep. Sandy Cole
  2/23/2012HouseAdded Co-Sponsor Rep. Chris Nybo
  3/21/2012HouseAdded Co-Sponsor Rep. Chad Hays
  1/8/2013HouseSession Sine Die

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