Illinois General Assembly - Bill Status for HB0155

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.

Actions

Date	Chamber	Action
1/11/2005	House	Prefiled with Clerk by Rep. William Davis
1/12/2005	House	First Reading
1/12/2005	House	Referred to Rules Committee
1/13/2005	House	Fiscal Note Requested by Rep. William Davis
1/24/2005	House	Fiscal Note Filed
1/26/2005	House	Assigned to Revenue Committee
3/10/2005	House	Rule 19(a) / Re-referred to Rules Committee
1/9/2007	House	Session Sine Die

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