Illinois General Assembly - Bill Status for HB7294

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. Effective immediately.

	Fiscal Note (Department of Revenue)
	The Department estimates this legislation will increase individual income tax liabilities by approximately $1.1 billion.

	Fiscal Note (Department of Revenue)
	House Bill 7294 increases the individual income tax rate to 4%, which will result in an increase in individual income tax liability of $2.4 billion. The bill also increases the standard exemption to $12,000 per person, which will reduce individual income tax liability by $1.3 billion, resulting in an overall increase in individual income tax liability of approximately $1.1 billion.

	Fiscal Note (Department of Revenue)
	House Bill 7294 increases the individual income tax rate to 4%, which will result in an increase in individual income tax liability of $2.4 billion. The bill also increases the standard exemption to $12,000 per person, which will reduce individual income tax liability by $1.3 billion, resulting in an overall increase in individual income tax liability of approximately $1.1 billion.

Actions

Date	Chamber	Action
4/23/2004	House	Filed with the Clerk by Rep. William Davis
4/27/2004	House	First Reading
4/27/2004	House	Referred to Rules Committee
4/29/2004	House	Fiscal Note Requested by Rep. William Davis
5/5/2004	House	Fiscal Note Filed
5/11/2004	House	Fiscal Note Filed Corrected
5/12/2004	House	Added Chief Co-Sponsor Rep. William Delgado
5/12/2004	House	Fiscal Note Filed Corrected
1/11/2005	House	Session Sine Die

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