Illinois General Assembly - Bill Status for SB0687
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 Bill Status of SB0687  101st General Assembly

Short Description:  INCOME TAX RATES-CREDITS

Senate Sponsors
Sen. Toi W. Hutchinson - Elgie R. Sims, Jr.

House Sponsors
(Rep. Michael J. Zalewski - Marcus C. Evans, Jr. - Jaime M. Andrade, Jr.)

Last Action
DateChamber Action
  6/5/2019SenatePublic Act . . . . . . . . . 101-0008

Statutes Amended In Order of Appearance
35 ILCS 25/1


Synopsis As Introduced
Amends the Small Business Job Creation Tax Credit Act. Makes a technical change in a Section concerning the short title.

Senate Floor Amendment No. 1
Deletes reference to:
35 ILCS 25/1
Adds reference to:
35 ILCS 5/201from Ch. 120, par. 2-201
35 ILCS 5/201.1 new
35 ILCS 5/208from Ch. 120, par. 2-208
35 ILCS 5/229 new
35 ILCS 5/502from Ch. 120, par. 5-502
35 ILCS 5/901from Ch. 120, par. 9-901

Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Sets forth a schedule of income-based tax rates for individuals, trusts, and estates for taxable years beginning on or after January 1, 2021. Provides that, for taxable years beginning on or after January 1, 2021, the tax on corporations shall be imposed at the rate of 7.99% of the taxpayer's net income for the taxable year. Makes changes concerning transfers to the Local Government Distributive Fund to provide that the transfer shall be equal to 10.75% of the amount that would have been generated if the tax had been imposed at the rate of 3% for individuals, trusts, and estates and at the rate of 4.8% for corporations. Creates a child tax credit. Provides that taxpayers who are required to file a federal joint return shall file a joint return with the State. Provides that the income tax credit for property taxes shall be equal to 6% (currently, 5%) of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Effective January 1, 2021, but does not take effect at all unless Senate Joint Resolution Constitutional Amendment No. 1 of the 101st General Assembly is approved by the voters prior to that date.

Senate Floor Amendment No. 2
Makes technical changes to the bill as amended by Senate Amendment No. 1 concerning the filing of joint returns.

House Floor Amendment No. 1
Makes changes to the engrossed bill to provide that, beginning on February 1, 2021, the monthly transfers from the General Revenue Fund to the Local Government Distributive Fund shall be equal to the sum of (i) 5.32% of the net revenue realized from the tax imposed upon individuals, trusts, and estates during the preceding month and (ii) 6.16% of the net revenue realized from the tax imposed upon corporations during the preceding month (in the engrossed bill, an amount equal to 10.75% of the amount that would have been generated if the taxes had been imposed at the rate of 3% for individuals, trusts, and estates and at the rate of 4.8% for corporations).

Actions 
DateChamber Action
  1/31/2019SenateFiled with Secretary by Sen. John J. Cullerton
  1/31/2019SenateFirst Reading
  1/31/2019SenateReferred to Assignments
  2/20/2019SenateAssigned to Executive
  3/6/2019SenateDo Pass Executive; 016-000-000
  3/6/2019SenatePlaced on Calendar Order of 2nd Reading March 7, 2019
  3/7/2019SenateSecond Reading
  3/7/2019SenatePlaced on Calendar Order of 3rd Reading March 12, 2019
  4/12/2019SenateChief Sponsor Changed to Sen. Terry Link
  4/12/2019SenateRule 2-10 Third Reading Deadline Established As May 2, 2019
  4/30/2019SenateChief Sponsor Changed to Sen. Toi W. Hutchinson
  4/30/2019SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Toi W. Hutchinson
  4/30/2019SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/30/2019SenateSenate Floor Amendment No. 1 Assignments Refers to Executive
  5/1/2019SenateSenate Floor Amendment No. 1 Recommend Do Adopt Executive; 013-006-000
  5/1/2019SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Toi W. Hutchinson
  5/1/2019SenateSenate Floor Amendment No. 2 Referred to Assignments
  5/1/2019SenateSenate Floor Amendment No. 2 Be Approved for Consideration Assignments
  5/1/2019SenateAdded as Chief Co-Sponsor Sen. Elgie R. Sims, Jr.
  5/1/2019SenateRecalled to Second Reading
  5/1/2019SenateSenate Floor Amendment No. 1 Adopted; Hutchinson
  5/1/2019SenateSenate Floor Amendment No. 2 Adopted; Hutchinson
  5/1/2019SenatePlaced on Calendar Order of 3rd Reading
  5/1/2019SenateThird Reading - Passed; 036-022-000
  5/1/2019HouseArrived in House
  5/1/2019HouseChief House Sponsor Rep. Michael J. Zalewski
  5/2/2019HouseFirst Reading
  5/2/2019HouseReferred to Rules Committee
  5/7/2019HouseAssigned to Revenue & Finance Committee
  5/10/2019HouseRule 19(a) / Re-referred to Rules Committee
  5/14/2019HouseAssigned to Revenue & Finance Committee
  5/14/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019
  5/24/2019HouseDo Pass / Short Debate Revenue & Finance Committee; 009-006-000
  5/24/2019HousePlaced on Calendar 2nd Reading - Short Debate
  5/24/2019HouseSecond Reading - Short Debate
  5/24/2019HouseHeld on Calendar Order of Second Reading - Short Debate
  5/28/2019HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski
  5/28/2019HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  5/28/2019HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
  5/28/2019HouseAdded Alternate Chief Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/30/2019HouseHouse Floor Amendment No. 1 Adopted
  5/30/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/30/2019HouseRemoved from Short Debate Status
  5/30/2019HousePlaced on Calendar Order of 3rd Reading - Standard Debate
  5/30/2019HouseThird Reading - Standard Debate - Passed 067-048-000
  5/30/2019HouseAdded Alternate Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.
  5/30/2019SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/30/2019SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2019
  5/31/2019SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Toi W. Hutchinson
  5/31/2019SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
  5/31/2019SenateHouse Floor Amendment No. 1 Motion to Concur Be Approved for Consideration Assignments
  5/31/2019SenateHouse Floor Amendment No. 1 Senate Concurs 037-020-000
  5/31/2019SenateSenate Concurs
  5/31/2019SenatePassed Both Houses
  6/4/2019SenateSent to the Governor
  6/5/2019SenateGovernor Approved
  6/5/2019SenateEffective Date January 1, 2021; does not take effect unless SJRCA 1 is approved by voters prior to that date.
  6/5/2019SenatePublic Act . . . . . . . . . 101-0008

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