Bill Title: 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. Effective immediately.

Spectrum: Partisan Bill (Democrat 11-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1064 Detail]

Text: Latest bill text (Introduced) [HTML]

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