Bill Title: Amends the Illinois Income Tax Code. Provides, for tax years ending on or after December 31, 2021, a surcharge is imposed on an Illinois resident's low-taxed investment income. Defines "low-taxed investment income". Provides how the surcharge is calculated. Exempts from the surcharge: (i) resident married individuals filing joint returns, if Illinois taxable income is not more than $250,000; (ii) a resident head of household, if Illinois taxable income is not more than $200,000; and (iii) resident unmarried individuals, resident married individuals filing separate returns, and resident estates and trusts, if Illinois taxable income is not more than $150,000. Effective immediately.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2021-05-17 - Added as Co-Sponsor Sen. Omar Aquino [SB2124 Detail]

Text: Latest bill text (Introduced) [HTML]

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