INC TX-CORPORATE RATE House SponsorsRep. Jack D. Franks 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. Reduces the rate of tax on corporations to 1% beginning on January 1, 2016 (currently, the rate is 5.25% until January 1, 2025 and 4.8% thereafter). Makes corresponding changes in provisions concerning transfers to the Local Government Distributive Fund. Effective immediately. 1/29/2016HouseFiled with the Clerk by Rep. Jack D. Franks 2/1/2016HouseFirst Reading 2/1/2016HouseReferred to Rules Committee 1/10/2017HouseSession Sine Die