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IL HB0316

Bill

Official Source

Status

Introduced

1/10/2019

Primary Sponsor

David McSweeney

Click for details

Origin

House of Representatives

101st General Assembly

AI Summary

HB0316 Summary

  • Reduces individual income tax rate to 3% for taxable years beginning on or after January 1, 2019 (down from 4.95%)

  • Reduces corporate income tax rate to 4.8% for taxable years beginning on or after January 1, 2019 (down from 7%)

  • Makes corresponding adjustments to tax revenue distributions between the General Revenue Fund, Local Government Distributive Fund, and other special funds

  • Applies effective immediately upon becoming law

Legislative Description

INC TX-RATES

Last Action

Rule 19(a) / Re-referred to Rules Committee

3/29/2019

Committee Referrals

Rules3/29/2019
Income Tax2/14/2019
Revenue & Finance2/5/2019
Rules1/10/2019

Full Bill Text

No bill text available