SC0092 95TH GENERAL ASSEMBLY

LRB095 20740 HLH 49222 e

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SENATE JOINT RESOLUTION
CONSTITUTIONAL AMENDMENT
SC0092

Introduced 4/9/2008, by Sen. Michael W. Frerichs

SYNOPSIS AS INTRODUCED:

ILCON Art. IX, Sec. 3

Proposes to amend the Revenue Article of the Illinois Constitution. Authorizes a tax on or measured by income to be at a graduated rate (now, all taxes on or measured by income shall be at a non-graduated rate). Provides that, in any such tax imposed upon corporations, the rate shall not exceed the weighted average rate imposed on individuals by more than a ratio of 8 to 5. Effective upon being declared adopted.

A BILL FOR

SENATE JOINT RESOLUTION

CONSTITUTIONAL AMENDMENT

RESOLVED, BY THE SENATE OF THE NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES CONCURRING HEREIN, that there shall be submitted to the electors of the State for adoption or rejection at the general election next occurring at least 6 months after the adoption of this resolution a proposition to amend Section 3 of Article IX of the Illinois Constitution as follows:

ARTICLE IX

REVENUE

(ILCON Art. IX, Sec. 3)

SECTION 3. LIMITATIONS ON INCOME TAXATION

(a) A tax on or measured by income may be at a graduated shall be at a non-graduated rate. At any one time there may be no more than one such tax imposed by the State for State purposes on individuals and one such tax so imposed on corporations. In any such tax imposed upon corporations the rate shall not exceed the weighted average rate imposed on individuals by more than a ratio of 8 to 5.

(b) Laws imposing taxes on or measured by income may adopt by reference provisions of the laws and regulations of the United States, as they then exist or thereafter may be changed, for the purpose of arriving at the amount of income upon which the tax is imposed.

(Source: Illinois Constitution.)

SCHEDULE

This Constitutional Amendment takes effect upon being declared adopted in accordance with Section 7 of the Illinois Constitutional Amendment Act.