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State of Illinois HB4479

State of Illinois HB4479

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Published by Craig Newman
FULL TEXT - Amends the Illinois Income Tax Act. Reduces the income tax rate for corporations to 3.5% for taxable years beginning on or after January 1, 2014. Removes a provision reducing the income tax rate on corporations if the State exceeds the specified spending limitation. Effective immediately.
FULL TEXT - Amends the Illinois Income Tax Act. Reduces the income tax rate for corporations to 3.5% for taxable years beginning on or after January 1, 2014. Removes a provision reducing the income tax rate on corporations if the State exceeds the specified spending limitation. Effective immediately.

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Categories:Types, Legal forms
Published by: Craig Newman on Jan 30, 2014
Copyright:Attribution Non-commercial

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02/05/2014

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98TH GENERAL ASSEMBLYState of Illinois2013 and 2014
HB4479
by Rep. Michael J. Madigan
SYNOPSIS AS INTRODUCED:
35 ILCS 5/201 from Ch. 120, par. 2-20135 ILCS 5/201.5Amends the Illinois Income Tax Act. Reduces the income tax rate forcorporations to 3.5% for taxable years beginning on or after January 1,2014. Removes a provision reducing the income tax rate on corporations ifthe State exceeds the specified spending limitation. Effectiveimmediately.
LRB098 18069 HLH 53198 bFISCAL NOTE ACTMAY APPLY
 A BILL FOR
*LRB09818069HLH53198b*
HB4479
 
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended bychanging Sections 201 and 201.5 as follows:(35 ILCS 5/201) (from Ch. 120, par. 2-201)Sec. 201. Tax Imposed.(a) In general. A tax measured by net income is herebyimposed on every individual, corporation, trust and estate foreach taxable year ending after July 31, 1969 on the privilegeof earning or receiving income in or as a resident of thisState. Such tax shall be in addition to all other occupation orprivilege taxes imposed by this State or by any municipalcorporation or political subdivision thereof.(b) Rates. The tax imposed by subsection (a) of thisSection shall be determined as follows, except as adjusted bysubsection (d-1):(1) In the case of an individual, trust or estate, fortaxable years ending prior to July 1, 1989, an amount equalto 2 1/2% of the taxpayer's net income for the taxableyear.(2) In the case of an individual, trust or estate, fortaxable years beginning prior to July 1, 1989 and ending1234567891011121314151617181920212223HB4479 LRB098 18069 HLH 53198 b
 
after June 30, 1989, an amount equal to the sum of (i) 21/2% of the taxpayer's net income for the period prior toJuly 1, 1989, as calculated under Section 202.3, and (ii)3% of the taxpayer's net income for the period after June30, 1989, as calculated under Section 202.3.(3) In the case of an individual, trust or estate, fortaxable years beginning after June 30, 1989, and endingprior to January 1, 2011, an amount equal to 3% of thetaxpayer's net income for the taxable year.(4) In the case of an individual, trust, or estate, fortaxable years beginning prior to January 1, 2011, andending after December 31, 2010, an amount equal to the sumof (i) 3% of the taxpayer's net income for the period priorto January 1, 2011, as calculated under Section 202.5, and(ii) 5% of the taxpayer's net income for the period afterDecember 31, 2010, as calculated under Section 202.5.(5) In the case of an individual, trust, or estate, fortaxable years beginning on or after January 1, 2011, andending prior to January 1, 2015, an amount equal to 5% ofthe taxpayer's net income for the taxable year.(5.1) In the case of an individual, trust, or estate,for taxable years beginning prior to January 1, 2015, andending after December 31, 2014, an amount equal to the sumof (i) 5% of the taxpayer's net income for the period priorto January 1, 2015, as calculated under Section 202.5, and(ii) 3.75% of the taxpayer's net income for the period1234567891011121314151617181920212223242526- 2 -HB4479 LRB098 18069 HLH 53198 b

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