Dale Righter voted Nay (Passage) on this Legislation.
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 to pass a bill that makes certain changes to the state tax code.
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
Vote to pass a bill that makes certain changes to the state tax code.
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