HJRCA0021

Illinois HJRCA0021 proposes a constitutional amendment to impose a 3% income tax on individuals with net income exceeding $1,000,000, with half the.

Illinois HJRCA0021 proposes a constitutional amendment to impose an additional income tax on individuals with net income exceeding $1,000,000. This tax would be 3% of the portion of the individual's net income that exceeds $1,000,000 for the taxable year. The revenue collected from this tax would be split equally, with 50% allocated to provide property tax relief and the other 50% distributed to school districts based on a per pupil basis. The General Assembly would be responsible for implementing and enforcing this new tax. The amendment would take effect upon being declared adopted.