Illinois General Assembly

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 Bill Status of HB0155  94th General Assembly

Short Description:  INC TX-RATE-EXEMPTIONS

House Sponsors
Rep. William Davis

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/201from Ch. 120, par. 2-201
35 ILCS 5/202.5 new
35 ILCS 5/204from Ch. 120, par. 2-204
35 ILCS 5/212
35 ILCS 5/901from Ch. 120, par. 9-901

Synopsis As Introduced
Amends the Illinois Income Tax Act. Increases the rate of tax on individuals and on trusts and estates from 3% to 4%. Increases the amount of the standard exemption for individuals from $2,000 to $12,000. Provides that for each taxable year beginning on or after January 1, 2005, the amount of the earned income tax credit is 20% (now, 5%) of the federal tax credit. Effective immediately.

 Fiscal Note (Department of Revenue)
 House Bill 155 will have a negative fiscal impact of approximately $649,115,660 per year. The provision increasing the tax rate from 3% to 4% would bring in an additional $2,472,761,281 per year. However, the provisions increasing the standard exemption for individuals from $2,000 to $12,000 and increasing the earned income tax credit from 5% to 20% would cost $3,121,876,941 per year.

DateChamber Action
  1/11/2005HousePrefiled with Clerk by Rep. William Davis
  1/12/2005HouseFirst Reading
  1/12/2005HouseReferred to Rules Committee
  1/13/2005HouseFiscal Note Requested by Rep. William Davis
  1/24/2005HouseFiscal Note Filed
  1/26/2005HouseAssigned to Revenue Committee
  3/10/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007HouseSession Sine Die

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