INCOME TAX-REDUCE RATE Senate SponsorsSen. Matt Murphy-Christine Radogno-Chris Lauzen-Ron Sandack-Dan Duffy, Kirk W. Dillard, Pamela J. Althoff, Tim Bivins, Dave Syverson, Carole Pankau, Dale A. Righter, David S. Luechtefeld, Kyle McCarter, John O. Jones, Larry K. Bomke, Sue Rezin, Shane Cultra, Wm. Sam McCann, William E. Brady, Darin M. LaHood and Christine J. Johnson 1/8/2013SenateSession Sine Die 15 ILCS 305/5from Ch. 124, par. 535 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/207from Ch. 120, par. 2-20735 ILCS 5/804from Ch. 120, par. 8-80435 ILCS 5/901from Ch. 120, par. 9-90135 ILCS 405/2from Ch. 120, par. 405A-230 ILCS 5/3-20 rep.30 ILCS 105/5.786 rep.30 ILCS 105/5.787 rep.30 ILCS 105/6z-85 rep.30 ILCS 105/6z-86 rep.30 ILCS 105/25.2 rep.35 ILCS 5/201.5 rep.35 ILCS 5/202.5 rep.Amends the Illinois Income Tax Act if and only if Senate Bill 2505 of the 96th General Assembly becomes law. Reduces the rate of tax imposed by Senate Bill 2505 of the 96th General Assembly to 3% for individuals, trusts, and estates and 4.8% for corporations (the rates in effect immediately prior to the passage of Senate Bill 2505). Provides that the amendatory Act supersedes Senate Bill 2505 of the 96th General Assembly and that the rates shall be deemed to be 3% for individuals, trusts, and estates and 4.8% for corporations for the entire period beginning on the effective date of Senate Bill 2505 of the 96th General Assembly through the effective date of the amendatory Act and thereafter. Makes corresponding changes concerning the distribution of tax proceeds. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to reverse certain changes made by Senate Bill 2505 of the 96th General Assembly. Effective immediately. 1/27/2011SenateFiled with Secretary by Sen. Matt Murphy 1/27/2011SenateFirst Reading 1/27/2011SenateReferred to Assignments 1/27/2011SenateAdded as Chief Co-Sponsor Sen. Ron Sandack 1/27/2011SenateAdded as Co-Sponsor Sen. Kirk W. Dillard 1/27/2011SenateAdded as Co-Sponsor Sen. Pamela J. Althoff 1/27/2011SenateAdded as Chief Co-Sponsor Sen. Dan Duffy 1/27/2011SenateAdded as Chief Co-Sponsor Sen. Dale A. Righter 1/27/2011SenateAdded as Co-Sponsor Sen. Tim Bivins 1/27/2011SenateAdded as Co-Sponsor Sen. Dave Syverson 1/27/2011SenateAdded as Chief Co-Sponsor Sen. Christine Radogno 1/27/2011SenateAdded as Co-Sponsor Sen. Carole Pankau 1/27/2011SenateAdded as Chief Co-Sponsor Sen. Chris Lauzen 1/27/2011SenateAdded as Co-Sponsor Sen. Dale A. Righter 1/27/2011SenateAdded as Co-Sponsor Sen. David S. Luechtefeld 1/27/2011SenateAdded as Co-Sponsor Sen. Kyle McCarter 1/27/2011SenateAdded as Co-Sponsor Sen. John O. Jones 1/27/2011SenateAdded as Co-Sponsor Sen. Larry K. Bomke 1/27/2011SenateAdded as Co-Sponsor Sen. Sue Rezin 1/27/2011SenateAdded as Co-Sponsor Sen. Shane Cultra 1/28/2011SenateAdded as Co-Sponsor Sen. Wm. Sam McCann 2/9/2011SenateAdded as Co-Sponsor Sen. William E. Brady 2/9/2011SenateAssigned to Executive 2/16/2011SenateTo Executive Subcommittee on State Government Operations; -3/07/2011 - Held in Subcommittee / 3-10-2011 - Remains in Subcommittee 3/3/2011SenateAdded as Co-Sponsor Sen. Darin M. LaHood 3/18/2011SenateRule 3-9(a) / Re-referred to Assignments 11/8/2011SenateAdded as Co-Sponsor Sen. Christine J. Johnson 1/8/2013SenateSession Sine Die