INC TX-RATES
Summary
Amends the Illinois Income Tax Act. Reduces the rate of tax to 3% for individuals, trusts, and estates and 4.8% for corporations. Makes corresponding changes concerning the distribution of tax proceeds. Removes a limitation providing that no net loss carryover deduction may exceed $100,000 for any taxable year ending on or after December 31, 2012 and prior to December 31, 2014. Provides that, if the State exceeds certain specified spending limitations, the Auditor General shall post a copy of the supplemental spending report on his or her website. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Mar 2013
Committee Review
Floor Vote
Governor
Introduced Mar 19, 2013
Last action Dec 3, 2014
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
11
Key actions
0
Committee
6
Dec 3, 2014
House · Failed
Session Sine Die
Mar 22, 2013
House · Referred to committee
Rule 19(a) / Re-referred to Rules Committee
Mar 20, 2013
House · Reported by committee
Motion Discharge Committee Lost 048-055-000
Mar 19, 2013
House · Reported by committee
Motion Filed to Discharge Committee Executive Committee; Rep. Dennis M. Reboletti
Feb 19, 2013
House · Referred to committee
Re-assigned to Executive Committee
Jan 30, 2013
House · Referred to committee
Assigned to Appropriations-Elementary & Secondary Education Committee
Jan 9, 2013
House · Referred to committee
Referred to Rules Committee
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
David McSweeney
RRepublican
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