SB3799 amends the Illinois Income Tax Act to adjust tax rates, introduce new credits, and modify existing credits for various entities and activities.
SB3799 amends the Illinois Income Tax Act by adjusting tax rates for individuals, trusts, estates, and corporations. It introduces new credits for investment in qualified property, environmental remediation, and research and development activities. The bill also modifies existing credits, such as the personal property tax replacement income tax and the education expense credit. Additionally, it provides specific rules for credits related to partnerships, Subchapter S corporations, and high-impact businesses.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.