SB 687

  • Illinois Senate Bill
  • 101st Regular Session
  • Introduced in Senate May 01, 2019
  • Passed Senate May 01, 2019
  • Passed House May 30, 2019
  • Signed by Governor Jun 05, 2019

Income Tax Rates-Credits

Abstract

Amends the Small Business Job Creation Tax Credit Act. Makes a technical change in a Section concerning the short title. Senate Floor Amendment No. 1 Deletes reference to: 35 ILCS 25/1 Adds reference to: 35 ILCS 5/201 from Ch. 120, par. 2-201 35 ILCS 5/201.1 new 35 ILCS 5/208 from Ch. 120, par. 2-208 35 ILCS 5/229 new 35 ILCS 5/502 from Ch. 120, par. 5-502 35 ILCS 5/901 from Ch. 120, par. 9-901 Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Sets forth a schedule of income-based tax rates for individuals, trusts, and estates for taxable years beginning on or after January 1, 2021. Provides that, for taxable years beginning on or after January 1, 2021, the tax on corporations shall be imposed at the rate of 7.99% of the taxpayer's net income for the taxable year. Makes changes concerning transfers to the Local Government Distributive Fund to provide that the transfer shall be equal to 10.75% of the amount that would have been generated if the tax had been imposed at the rate of 3% for individuals, trusts, and estates and at the rate of 4.8% for corporations. Creates a child tax credit. Provides that taxpayers who are required to file a federal joint return shall file a joint return with the State. Provides that the income tax credit for property taxes shall be equal to 6% (currently, 5%) of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Effective January 1, 2021, but does not take effect at all unless Senate Joint Resolution Constitutional Amendment No. 1 of the 101st General Assembly is approved by the voters prior to that date. Senate Floor Amendment No. 2 Makes technical changes to the bill as amended by Senate Amendment No. 1 concerning the filing of joint returns. House Floor Amendment No. 1 Makes changes to the engrossed bill to provide that, beginning on February 1, 2021, the monthly transfers from the General Revenue Fund to the Local Government Distributive Fund shall be equal to the sum of (i) 5.32% of the net revenue realized from the tax imposed upon individuals, trusts, and estates during the preceding month and (ii) 6.16% of the net revenue realized from the tax imposed upon corporations during the preceding month (in the engrossed bill, an amount equal to 10.75% of the amount that would have been generated if the taxes had been imposed at the rate of 3% for individuals, trusts, and estates and at the rate of 4.8% for corporations).

Bill Sponsors (5)

Votes


Actions


Jun 05, 2019

Senate

Effective Date January 1, 2021; does not take effect unless SJRCA 1 is approved by voters prior to that date.

Senate

Governor Approved

Senate

Public Act . . . . . . . . . 101-0008

Jun 04, 2019

Senate

Sent to the Governor

May 31, 2019

Senate

House Floor Amendment No. 1 Motion to Concur Be Approved for Consideration Assignments

Senate

House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Toi W. Hutchinson

Senate

House Floor Amendment No. 1 Motion to Concur Referred to Assignments

Senate

Passed Both Houses

Senate

Senate Concurs

Senate

House Floor Amendment No. 1 Senate Concurs 037-020-000

May 30, 2019

House

Placed on Calendar Order of 3rd Reading - Short Debate

Senate

Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2019

Senate

Secretary's Desk - Concurrence House Amendment(s) 1

House

Added Alternate Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.

House

Third Reading - Standard Debate - Passed 067-048-000

House

Placed on Calendar Order of 3rd Reading - Standard Debate

House

Removed from Short Debate Status

House

House Floor Amendment No. 1 Adopted

May 28, 2019

House

House Floor Amendment No. 1 Referred to Rules Committee

House

Added Alternate Chief Co-Sponsor Rep. Marcus C. Evans, Jr.

House

House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000

House

House Floor Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski

May 24, 2019

House

Placed on Calendar 2nd Reading - Short Debate

House

Held on Calendar Order of Second Reading - Short Debate

House

Second Reading - Short Debate

House

Do Pass / Short Debate Revenue & Finance Committee; 009-006-000

May 14, 2019

House

Final Action Deadline Extended-9(b) May 31, 2019

House

Assigned to Revenue & Finance Committee

May 10, 2019

House

Rule 19(a) / Re-referred to Rules Committee

May 07, 2019

House

Assigned to Revenue & Finance Committee

May 02, 2019

House

First Reading

House

Referred to Rules Committee

May 01, 2019

Senate

Third Reading - Passed; 036-022-000

Senate

Placed on Calendar Order of 3rd Reading

Senate

Senate Floor Amendment No. 2 Adopted; Hutchinson

Senate

Senate Floor Amendment No. 1 Adopted; Hutchinson

Senate

Recalled to Second Reading

Senate

Added as Chief Co-Sponsor Sen. Elgie R. Sims, Jr.

Senate

Senate Floor Amendment No. 2 Be Approved for Consideration Assignments

Senate

Senate Floor Amendment No. 2 Referred to Assignments

Senate

Senate Floor Amendment No. 1 Recommend Do Adopt Executive; 013-006-000

Senate

Senate Floor Amendment No. 2 Filed with Secretary by Sen. Toi W. Hutchinson

House

Chief House Sponsor Rep. Michael J. Zalewski

House

Arrived in House

Apr 30, 2019

Senate

Senate Floor Amendment No. 1 Filed with Secretary by Sen. Toi W. Hutchinson

Senate

Senate Floor Amendment No. 1 Assignments Refers to Executive

Senate

Senate Floor Amendment No. 1 Referred to Assignments

Senate

Chief Sponsor Changed to Sen. Toi W. Hutchinson

Apr 12, 2019

Senate

Rule 2-10 Third Reading Deadline Established As May 2, 2019

Senate

Chief Sponsor Changed to Sen. Terry Link

Mar 07, 2019

Senate

Placed on Calendar Order of 3rd Reading March 12, 2019

Senate

Second Reading

Mar 06, 2019

Senate

Do Pass Executive; 016-000-000

Senate

Placed on Calendar Order of 2nd Reading March 7, 2019

Feb 20, 2019

Senate

Assigned to Executive

Jan 31, 2019

Senate

First Reading

Senate

Referred to Assignments

Senate

Filed with Secretary by Sen. John J. Cullerton

Bill Text

Bill Text Versions Format
Introduced HTML
Engrossed HTML
Enrolled HTML

Related Documents

Document Format
Public Act
House Amendment 001
Senate Amendment 002
Senate Amendment 001

Sources

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