SB3658 amends the Illinois Income Tax Act to set income-based tax rates and introduce various credits.
SB3658 amends the Illinois Income Tax Act by establishing a new income-based tax rate structure for individuals, trusts, and estates starting from taxable years beginning on or after January 1, 2027. The bill introduces a tiered tax rate system, with rates ranging from 4.00% to 6.95% based on income brackets. Additionally, it provides for various credits, including an education expense credit for qualified pupils, an environmental remediation tax credit, and a credit for personal property tax replacement income.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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