would amend the Illinois Constitution to remove the flat tax with a graduated income tax for individuals AND corporations. In addition, this proposal would allow for the legislature to enact multiple income taxes (current constitution only allows for one). For example, legislators could create a new income tax on various industries and income (i.e. a tax on capital gains, a tax on hog farmers, or a tax on financial advisers).
Creates the Keep Illinois Business Act. This would disqualify business’s who choose to move their entire operation, or part of their operation, outside of Illinois from receiving any state economic development assistance and require the business to repay any economic development assistance it had received in the past.
Amends the Illinois Income Tax Act. This bill aims to target foreign cooperation’s who are classified as “waters edge” corporations. Provides that corporations that make a waters edge election are limited to a 75% deduction on dividends.
Amends the Uniform Penalty and Interest Act.
Amends the Property Tax Code. Provides that residents with income producing properties in counties with 3,000,000 or more residents must submit income and expense data for that property.
Imposes graduated income tax rates effective January 2021, if the constitutional amendment authorizing graduated rates is approved by the voters. The bill would raise the top rate on individuals and corporations to 7.99% (10.49% for corporations with the 2.5% replacement tax), making Illinois’ income tax burden one of the highest in the nation
Amends the Illinois Income Tax Act. Would set the rates for a graduated income tax to be approved on the ballot in 2020.
Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates a tax exemption for data centers in the state.