Bill Status of HB 4239   99th General Assembly


Short Description:  INC TX-RATES

House Sponsors
Rep. John M. Cabello

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/201from Ch. 120, par. 2-201
35 ILCS 5/901from Ch. 120, par. 9-901

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that the rate of tax on individuals, trusts, and estates shall be (i) 3.375% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 2.295% for taxable years beginning on or after January 1, 2025 (currently, 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). Provides that the rate of tax on corporations shall be (i) 4.725% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 4.32% for taxable years beginning on or after January 1, 2025 (currently, 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). Makes corresponding changes concerning the distribution of proceeds. Effective immediately.

Actions 
DateChamber Action
  6/30/2015HouseFiled with the Clerk by Rep. John M. Cabello
  6/30/2015HouseFirst Reading
  6/30/2015HouseReferred to Rules Committee
  1/10/2017HouseSession Sine Die

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