Illinois HB1203 amends the Illinois Income Tax Act to adjust tax rates and introduce new credits.
Illinois HB1203 amends the Illinois Income Tax Act by reducing the tax rate on individuals, trusts, and estates from 4.95% to 4.85%. It introduces new credits, including a High Impact Business construction jobs credit, an education expense credit for qualifying pupils, and a credit for unreimbursed eligible remediation costs. The bill also modifies the personal property tax replacement income tax rates for different entities and periods.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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