This proposal 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). For more information, please visit the Chamber's Graduated Income Tax Resource Page.
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. For more information, please visit the Chamber's Graduated Income Tax Resource Page.
Amends the Illinois Income Tax Act to allow for the regionalization of the minimum wage tax credit for small businesses.
This bill was part of the overall budget negotiation and included several tax provisions. These provisions include tax amnesty, franchise tax amnesty, Blue Collar Jobs Act, expansion of the manufacturing machinery and equipment exemption, and gradual repeal of the Corporate Franchise Tax.
This bill was the vehicle for the vertical infrastructure plan. This bill also included several tax provisions including parking excise tax, the Chamber's data center legislation initiative, trade-in cap for cars, cigarette tax increase, and a video gaming tax increase. This bill also included the "Leveling the Playing Field for Retailers Act." In addition, this bill also contained the gaming expansion provisions (i.e. new casinos, sports wagering, etc.).
Effective for tax years ending on or after 12/31/20, provides that, for purposes of being liable for income tax, compensation is paid in this State if some of the individual's service is performed within this State, the individual's service performed within this State is nonincidental to the individual's service performed without this State, and the individual's service is performed within this State for more than 30 working days during the tax year.
SUPPORT - Chamber Initiative
Amends the Illinois Income Tax Act to reinstate and extend the sunset date of the personal property tax replacement income tax investment credit. Section 201(e) authorizes the personal property tax replacement income tax investment credit. This bill provides that the personal property tax replacement income tax credit for investments in qualified property applies for costs incurred on or before December 31, 2023. Currently, the credit expired December 31, 2018.