Bill Status of HB3522 100th General Assembly
Short Description: REVENUE-VARIOUS
Rep. Robert Martwick
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2018, the rate of tax for individuals, trusts, and estates shall be: (1) 4% of the portion of the taxpayer's net income from $0 to $7,500; (2) 5.84% of the portion of the taxpayer's net income exceeding $7,500 but not exceeding $15,000; (3) 6.27% of the portion of the taxpayer's net income exceeding $15,000 but not exceeding $225,000; and (4) 7.65% of the portion of the taxpayer's net income exceeding $225,000. Amends the State Finance Act. Creates the Education Property Tax Relief Fund. Provides that moneys in the Fund shall be distributed to school districts, and sets forth the distribution formula. Provides that transfers from the Tobacco Settlement Recovery Fund to the Budget Stabilization Fund shall cease upon the first transfer of moneys into the Budget Stabilization Fund under the provisions of the amendatory Act. Amends the Budget Stabilization Act. Provides for minimum funding levels to be maintained in the Budget Stabilization Fund and for the transfer of specified amounts to the Budget Stabilization Fund if minimum funding levels are not maintained. Makes other changes. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, beginning on January 1, 2018, the rate of tax shall be 5.75% (currently, 6.25%). Amends various Acts to make conforming changes. Amends the Aircraft Use Tax Law and the Watercraft Use Tax Law. Provides that the rate of tax under those Act shall be 5.75% (currently, 6.25%). Effective immediately.