IL HB3383

Reduces corporate income tax rate from 7% to 4.8% for taxable years beginning on or after January 1, 2015.

Modifies Local Government Distributive Fund transfers beginning February 1, 2015 to account for the lower corporate tax rate, changing the distribution percentage to 10% of corporate income tax revenue.

Adjusts individual income tax rates by reducing the rate from 5% to 3.75% for taxable years beginning on or after January 1, 2015, and further to 3.25% beginning January 1, 2025.

Makes corresponding changes to Local Government Distributive Fund allocations for individual income tax revenue to maintain funding levels as tax rates decline.

Effective immediately upon becoming law.