Illinois HB5017 amends the Illinois Income Tax Act to adjust personal property tax replacement income tax rates for individuals, trusts, estates, and.
HB5017 amends the Illinois Income Tax Act to modify personal property tax replacement income tax rates. For individuals, trusts, estates, and corporations, the bill sets different tax rates based on the taxable year. For example, for taxable years beginning on or after January 1, 2026, and ending before January 1, 2027, the tax rate for individuals, trusts, and estates is 4.5667% of net income. For corporations, the tax rate is 6.3% of net income. The bill also includes provisions for credits related to investments in qualified property, environmental remediation, and other tax credits.
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- Legal Framework
- Critical Issues
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