INC TX-MINIMUM WAGE Senate SponsorsSen. Michael Noland 1/13/2015SenateSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/201.5820 ILCS 105/4from Ch. 48, par. 1004Amends the Illinois Income Tax Act. Reduces the income tax rate for corporations to 3.5% for taxable years beginning on or after January 1, 2014. Removes a provision reducing the income tax rate on corporations if the State exceeds the specified spending limitation. Amends the Minimum Wage Law. Increases the minimum wage to $12 per hour on October 1, 2014. Effective immediately. 2/7/2014SenateFiled with Secretary by Sen. Michael Noland 2/7/2014SenateFirst Reading 2/7/2014SenateReferred to Assignments 2/25/2014SenateAssigned to Executive 3/28/2014SenateRule 2-10 Committee Deadline Established As April 11, 2014 4/11/2014SenateRule 3-9(a) / Re-referred to Assignments 1/13/2015SenateSession Sine Die