INC TX-REDUCE CORPORATE RATE

HB 2609 reduces Illinois' corporate income tax rate from 7% to 5.5% for taxable years beginning on or after January 1, 2025. This bill directly affects corporations operating in Illinois that pay state income tax, lowering their tax burden. The key provision amends Section 201 of the Illinois Income Tax Act to establish the new 5.5% rate, replacing the current 7% rate for qualifying tax years. The change takes effect for corporations filing taxes on income earned in 2025 and beyond.