INC TX-RATE-EXEMPTIONS House SponsorsRep. William Davis 1/9/2007HouseSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/202.5 new35 ILCS 5/204from Ch. 120, par. 2-20435 ILCS 5/21235 ILCS 5/901from Ch. 120, par. 9-901 Amends the Illinois Income Tax Act. Increases the rate of tax on individuals and on trusts and estates from 3% to 4%. Increases the amount of the standard exemption for individuals from $2,000 to $12,000. Provides that for each taxable year beginning on or after January 1, 2005, the amount of the earned income tax credit is 20% (now, 5%) of the federal tax credit. Effective immediately.Fiscal Note (Department of Revenue) House Bill 155 will have a negative fiscal impact of approximately $649,115,660 per year. The provision increasing the tax rate from 3% to 4% would bring in an additional $2,472,761,281 per year. However, the provisions increasing the standard exemption for individuals from $2,000 to $12,000 and increasing the earned income tax credit from 5% to 20% would cost $3,121,876,941 per year. 1/11/2005HousePrefiled with Clerk by Rep. William Davis 1/12/2005HouseFirst Reading 1/12/2005HouseReferred to Rules Committee 1/13/2005HouseFiscal Note Requested by Rep. William Davis 1/24/2005HouseFiscal Note Filed 1/26/2005HouseAssigned to Revenue Committee 3/10/2005HouseRule 19(a) / Re-referred to Rules Committee 1/9/2007HouseSession Sine Die