HB0091 Summary

• Reduces Illinois income tax rates to 3% for individuals, trusts, and estates and 4.8% for corporations, effective immediately.

• Removes the $100,000 annual net loss carryover limitation for corporations that was set to expire December 31, 2014.

• Modifies tax rate schedule by changing the effective dates from January 1, 2015 to January 1, 2013 for the reduced rates and eliminates future scheduled rate changes.

• Requires the Auditor General to post supplemental spending reports on his or her website when State spending exceeds specified spending limitations.

• Repeals provisions in the State Finance Act related to the Fund for the Advancement of Education and Commitment to Human Services Fund deposits.