INC TX-RATES House SponsorsRep. John M. Cabello 1/10/2017HouseSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/901from Ch. 120, par. 9-901 Amends the Illinois Income Tax Act. Provides that the rate of tax on individuals, trusts, and estates shall be (i) 3.375% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 2.295% for taxable years beginning on or after January 1, 2025 (currently, 3.75% for taxable years beginning on or after January 1, 2015 and ending prior to January 1, 2025 and 3.25% for taxable years beginning on or after January 1, 2025). Provides that the rate of tax on corporations shall be (i) 4.725% for taxable years beginning on or after January 1, 2016 and beginning prior to January 1, 2025 and (ii) 4.32% for taxable years beginning on or after January 1, 2025 (currently, 5.25% for taxable years beginning on or after January 1, 2015 and ending prior to January 1, 2025 and 4.8% for taxable years beginning on or after January 1, 2025). Makes corresponding changes concerning the distribution of proceeds. Effective immediately. 6/30/2015HouseFiled with the Clerk by Rep. John M. Cabello 6/30/2015HouseFirst Reading 6/30/2015HouseReferred to Rules Committee 1/10/2017HouseSession Sine Die