Conamend-income Tax Rates
Introduced: it can still change before the session ends.
- Stage
- Introduced
- Latest action
- May 4, 2008
What it does
Proposes to amend the Revenue Article of the Illinois Constitution with respect to limitations on income taxation. Provides that the rates shall be non-graduated, by category. The categories are (i) individuals (under $250,000), (ii) individuals ($250,000 or more), and (iii) corporations. Combines an individual's income with that of his or her spouse. Provides that in any such tax imposed upon individuals ($250,000 or more), the rate shall be the higher of (i) 6% or (ii) twice the rate imposed upon individuals (under $250,000). Provides that the rate on corporations shall not exceed the rate imposed on individuals (under $250,000) by more than a ratio of 8 to 5. Provides that the basic…
Where it stands
Introduced (Current step)
Committee (Not started)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
Reporting that may mention this subject. Possible matches are labeled.
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Where it goes next
While a bill can still move, the questions are about people and money in Illinois.