Illinois proposes a constitutional amendment to impose a 3% tax on individual income exceeding $1 million, with proceeds going to school districts.

The proposed amendment to the Illinois Constitution, if adopted, would introduce a new tax on individuals earning more than $1 million annually. This tax, set at 3% of the income exceeding $1 million, would be in addition to existing taxes. All revenue generated from this tax would be directed to school districts, distributed based on the number of students. The General Assembly would be responsible for implementing and enforcing this tax. The amendment would take effect upon adoption and apply to taxable years starting in 2025 and 2026.

Illinois proposes a constitutional amendment to impose a 3% tax on individual income exceeding $1 million, with proceeds going to school districts.

The proposed amendment to the Illinois Constitution, if adopted, would introduce a new tax on individuals earning more than $1 million annually. This tax, set at 3% of the income exceeding $1 million, would be in addition to existing taxes. All revenue generated from this tax would be directed to school districts, distributed based on the number of students. The General Assembly would be responsible for implementing and enforcing this tax. The amendment would take effect upon adoption and apply to taxable years starting in 2025 and 2026.