HB3075 Summary

• Reduces Illinois individual income tax rate from 4.95% to 3.75% for taxable years beginning January 1, 2019 through December 31, 2024, then further reduces to 3.25% for taxable years beginning January 1, 2025 and thereafter.

• Reduces Illinois corporate income tax rate from 7% to 5.25% for taxable years beginning January 1, 2019 through December 31, 2024, then further reduces to 4.8% for taxable years beginning January 1, 2025 and thereafter.

• Adjusts Local Government Distributive Fund deposits to account for the lower tax rates, maintaining percentage-based allocations to local governments during transition and permanent rate periods.

• Effective immediately upon becoming law.