SB 9 - Increases Taxes to Fund the State Budget - Illinois Key Vote
Daniel Biss voted Yea (Passage) on this Legislation.
Timeline
- House Veto Override Passed
- July 6, 2017
- Senate Veto Override Passed
- July 4, 2017
- Executive Vetoed
- July 4, 2017
- Senate Veto Override Passed
- July 4, 2017
- House Bill Passed
- July 2, 2017
- Senate Bill Passed
- May 23, 2017
- Introduced
- Jan. 11, 2017
Related Issues
Stage Details
Title: Increases Taxes to Fund the State Budget
Title: Increases Taxes to Fund the State Budget
Title: Increases Taxes to Fund the State Budget
Title: Increases Taxes to Fund the State Budget
Title: Increases Taxes to Fund the State Budget
Vote Smart's Synopsis:
Vote to pass a bill that makes certain changes to the state tax code.
Highlights:
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Increases income tax rates to 4.95% for individuals, trusts, and estates (Sec. 30-10).
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Increases corporate tax rates to 7% of a taxpayer’s net income (Sec. 30-10).
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Requires an imposed tax on distributors of sugar-sweetened beverages, syrups, and powders at a rate that is based on the weight of the product (Sec. 30-35).
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Amends the Illinois Income Tax Act and Limited Liability Company Act (Secs. 30-10 and 32-5).
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Specifies new criteria for what defines a unitary business group for tax purposes (Sec. 30-10)
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Increases the tax credit for research activities to up to 50% of qualifying expenses, applicable on a rollover basis for up to 5 years or until the earned credit is depleted (Sec. 30-10).
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Establishes a new tax rate deduction for qualified domestic production activities (Sec. 30-10).
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Amends the Film Production Services Tax Credit Act of 2008 (Sec. 30-15).
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Amends the Business Corporation Act of 1983 (Sec. 30-10).
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Amends fees and requirements for incorporating a business or forming a limited liability company (Sec. 32-5).
Title: Increases Taxes to Fund the State Budget
Vote Smart's Synopsis:
Vote to pass a bill that makes certain changes to the state tax code.
Highlights:
-
Increases income tax rates to 4.95% for individuals, trusts, and estates (Sec. 30-10).
-
Increases corporate tax rates to 7% of a taxpayer’s net income (Sec. 30-10).
-
Requires an imposed tax on distributors of sugar-sweetened beverages, syrups, and powders at a rate that is based on the weight of the product (Sec. 30-35).
-
Amends the Illinois Income Tax Act and Limited Liability Company Act (Secs. 30-10 and 32-5).
-
Specifies new criteria for what defines a unitary business group for tax purposes (Sec. 30-10)
-
Increases the tax credit for research activities to up to 50% of qualifying expenses, applicable on a rollover basis for up to 5 years or until the earned credit is depleted (Sec. 30-10).
-
Establishes a new tax rate deduction for qualified domestic production activities (Sec. 30-10).
-
Amends the Film Production Services Tax Credit Act of 2008 (Sec. 30-15).
-
Amends the Business Corporation Act of 1983 (Sec. 30-10).
-
Amends fees and requirements for incorporating a business or forming a limited liability company (Sec. 32-5).
Title: Increases Taxes to Fund the State Budget