Bill Text: IL SB0687 | 2019-2020 | 101st General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Illinois Income Tax Act. Sets forth a schedule of income-based tax rates for individuals, trusts, and estates for taxable years beginning on or after January 1, 2021. Provides that, for taxable years beginning on or after January 1, 2021, the tax on corporations shall be imposed at the rate of 7.99% of the taxpayer's net income for the taxable year. Makes changes concerning transfers to the Local Government Distributive Fund to provide that the transfer shall be equal to 10.75% of the amount that would have been generated if the tax had been imposed at the rate of 3% for individuals, trusts, and estates and at the rate of 4.8% for corporations. Creates a child tax credit. Provides that taxpayers who are required to file a federal joint return shall file a joint return with the State. Provides that the income tax credit for property taxes shall be equal to 6% (currently, 5%) of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Effective January 1, 2021, but does not take effect at all unless Senate Joint Resolution Constitutional Amendment No. 1 of the 101st General Assembly is approved by the voters prior to that date.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Passed) 2019-06-05 - Public Act . . . . . . . . . 101-0008 [SB0687 Detail]
Download: Illinois-2019-SB0687-Introduced.html
Bill Title: Amends the Illinois Income Tax Act. Sets forth a schedule of income-based tax rates for individuals, trusts, and estates for taxable years beginning on or after January 1, 2021. Provides that, for taxable years beginning on or after January 1, 2021, the tax on corporations shall be imposed at the rate of 7.99% of the taxpayer's net income for the taxable year. Makes changes concerning transfers to the Local Government Distributive Fund to provide that the transfer shall be equal to 10.75% of the amount that would have been generated if the tax had been imposed at the rate of 3% for individuals, trusts, and estates and at the rate of 4.8% for corporations. Creates a child tax credit. Provides that taxpayers who are required to file a federal joint return shall file a joint return with the State. Provides that the income tax credit for property taxes shall be equal to 6% (currently, 5%) of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Effective January 1, 2021, but does not take effect at all unless Senate Joint Resolution Constitutional Amendment No. 1 of the 101st General Assembly is approved by the voters prior to that date.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Passed) 2019-06-05 - Public Act . . . . . . . . . 101-0008 [SB0687 Detail]
Download: Illinois-2019-SB0687-Introduced.html
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| 1 | AN ACT concerning revenue.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Small Business Job Creation Tax Credit Act | |||||||||||||||||||
| 5 | is amended by changing Section 1 as follows:
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| 6 | (35 ILCS 25/1)
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| 7 | Sec. 1. Short title. This Act may be cited as the
the
Small | |||||||||||||||||||
| 8 | Business Job Creation Tax Credit Act. | |||||||||||||||||||
| 9 | (Source: P.A. 96-888, eff. 4-13-10.)
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