Illinois HB2608 reduces individual income tax rates and modifies corporate tax rates.

HB2608 amends the Illinois Income Tax Act to reduce the tax rate for individuals, trusts, estates, and certain pass-through entities from 4.95% to 3.75%. It also reduces the corporate tax rate from 7% to 6%. The bill includes provisions for various credits, such as for environmental remediation, education expenses, and investment in qualified property. It also modifies tax rates for different periods and entities, including foreign insurers and pass-through entities. The bill takes effect immediately upon becoming law.

Illinois HB2608 reduces individual income tax rates and modifies corporate tax rates.

HB2608 amends the Illinois Income Tax Act to reduce the tax rate for individuals, trusts, estates, and certain pass-through entities from 4.95% to 3.75%. It also reduces the corporate tax rate from 7% to 6%. The bill includes provisions for various credits, such as for environmental remediation, education expenses, and investment in qualified property. It also modifies tax rates for different periods and entities, including foreign insurers and pass-through entities. The bill takes effect immediately upon becoming law.