HB5828 Summary

• Reduces individual income tax rate to 3% for taxable years beginning January 1, 2012 and thereafter (previously scheduled to be 5% through 2014 then decrease to 3.75% and 3.25%).

• Reduces corporate income tax rate to 4.8% for taxable years beginning January 1, 2012 and thereafter (previously scheduled to be 7% through 2014 then decrease to 5.25% and 4.8%).

• Eliminates the $100,000 annual net loss carryover limitation for corporations for tax years ending after December 31, 2012; allows carryback to 2 prior years and carryforward to 20 following years.

• Eliminates Illinois estate and generation-skipping transfer tax for persons dying after December 31, 2009.

• Extends the investment tax credit deadline from December 31, 2013 to December 31, 2018 and updates the research and development credit expiration date to January 1, 2016.