IL - HB4078Primary Sponsor:
David McSweeney (R)
Repeals Senate Bill 9, which increases the personal income tax rate to 4.95 percent from 3.75 percent and hikes the corporate income tax to 7 percent from 5.25 percent.
Would reinstate Illinois’ individual income tax rate of 3.75 percent and corporate rate of 5.25 percent. Would also restore the tax rates’ 2025 sunset dates, when the individual rate was set to drop to 3.25 percent, and the corporate rate was scheduled to drop to 4.8 percent.
Referred to Rules Committee