Date	Chamber	Action
1/8/2013	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/201

from Ch. 120, par. 2-201

35 ILCS 5/207

from Ch. 120, par. 2-207

35 ILCS 405/Act rep.

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for individuals, trusts, and estates, (i) for taxable years beginning on or after January 1, 2015 and ending prior to January 1, 2016, the rate of tax imposed under the Act is 3.75%, (ii) for taxable years beginning on or after January 1, 2016 and ending prior to January 1, 2017, the rate of tax imposed under the Act is 3.5%, and (iii) for taxable years beginning on or after January 1, 2017, the rate of tax imposed under the Act is 3%. Provides that no tax shall be imposed under the Act on corporations for taxable years beginning on or after January 1, 2015. Restores a net loss carryforward deduction that was suspended for taxable years ending after December 31, 2010 and prior to December 31, 2014. Provides that no net loss carryover deduction shall be allowed for corporations for any taxable year ending after December 31, 2015. Repeals the Illinois Estate and Generation-Skipping Transfer Tax Act. Effective immediately.

Actions 

Date	Chamber	Action
11/8/2011	Senate	Filed with Secretary by Sen. Kyle McCarter
11/8/2011	Senate	First Reading
11/8/2011	Senate	Referred to Assignments
1/31/2012	Senate	Assigned to Revenue
2/21/2012	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kyle McCarter
2/21/2012	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2/23/2012	Senate	Senate Committee Amendment No. 1 Assignments Refers to Revenue
3/8/2012	Senate	To Revenue Subcommittee on Special Issues
3/9/2012	Senate	Rule 2-10 Committee Deadline Established As March 30, 2012
3/30/2012	Senate	Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
3/30/2012	Senate	Rule 3-9(a) / Re-referred to Assignments
1/8/2013	Senate	Session Sine Die

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