Progressive income tax

BETA
Introduced Feb 10, 2017
Status: Assigned To Committee

24%

76%

Summary

Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2018, the rate of tax for individuals, trusts, and estates shall be:

4% of the portion of the taxpayer’s net income from $0 to $7,500;

5.84% of the portion of the taxpayer’s net income exceeding $7,500 but not exceeding $15,000;

6.27% of the portion of the taxpayer’s net income exceeding $15,000 but not exceeding $225,000; and

7.65% of the portion of the taxpayer’s net income exceeding $225,000. Amends the State Finance Act.

Creates the Education Property Tax Relief Fund. Provides that moneys in the Fund shall be distributed to school districts, and sets forth the distribution formula. Effective immediately.

Last Action

Assigned to Growth, Reform & Fairness Subcommittee