Illinois HB2702 amends the Illinois Income Tax Act to modify tax rates and credits for various entities.
HB2702 amends the Illinois Income Tax Act to adjust tax rates and credits for different entities. It modifies the tax rates for individuals, trusts, estates, and corporations for specific taxable years. The bill introduces a pass-through entity tax for partnerships and Subchapter S corporations, allowing them to elect to apply the provisions of the subsection. It also includes provisions for credits related to investment in qualified property, education expenses, and environmental remediation. The bill specifies the conditions under which these credits can be applied and carried forward.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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