Vote Smart's Synopsis:

Vote to pass a bill that adjusts the state income rate depending on income and the corporate tax rate from seven percent to 8.75 percent.

Highlights:

- Adjusts the state income tax brackets for individuals as follows [Sec. 1(10-105)(a)(1)]:

- 4.0 percent for incomes between $2,001 and $3,000 - 4.75 percent for incomes between $3,001 and $125,000 - 5.25 percent for incomes between $125,001 and $150,000 - 5.5 percent for incomes between $150,001 and $200,000 - 5.75 percent for incomes over $200,000

- 2.0 percent for joint-incomes between $1 and $1,000 - 3.0 percent for joint-incomes between $1,001 and $2,000 - 4.0 percent for joint-incomes between $2,001 and $3,000 - 4.75 percent for joint-incomes between $3,001 and $175,000 - 5.25 percent for joint-incomes between $175,001 and $200,000 - 5.5 percent for joint-incomes between $200,001 and $250,000 - 5.75 percent for joint-incomes over $250,000

Full Bill Text