Bill > HB2609

This bill amends the Illinois Income Tax Act to reduce the corporate tax rate from 7% to 5.5%. Specifically, the bill modifies the existing tax rate structure for corporations by introducing a phased change. For taxable years beginning prior to January 1, 2025 and ending after December 31, 2024, corporations will pay 7% tax on income for the period before January 1, 2025, and then 5.5% on income for the period after December 31, 2024. Starting from taxable years beginning on or after January 1, 2025, the corporate tax rate will be permanently set at 5.5%. This change aims to lower the tax burden on corporations operating in Illinois, potentially making the state more attractive for business investment. The bill takes effect immediately, meaning the new tax rate provisions will apply to the specified tax years as outlined in the legislation.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2609&GAID=18&DocTypeID=HB&SessionID=114&GA=104