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IL HB5193

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Brad Halbrook

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

HB5193 Summary

  • Reduces the individual income tax rate from 4.95% to 3.99% for taxable years beginning on or after January 1, 2025.

  • Creates a transitional rate of 4.95% for income earned before January 1, 2025 and 3.99% for income earned after December 31, 2024 for taxable years spanning the rate change.

  • Effective immediately upon passage.

Legislative Description

INC TX-RATES

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules4/5/2024
Revenue & Finance3/12/2024
Rules2/9/2024

Full Bill Text

No bill text available