Illinois SB3873 amends the Illinois Income Tax Act to modify tax rates and credits for various entities.

Illinois SB3873 amends the Illinois Income Tax Act to adjust tax rates and introduce new credits for different entities. It modifies the tax rates for individuals, trusts, estates, and corporations based on specific taxable years. The bill introduces credits for entities like partnerships, subchapter S corporations, and limited liability companies, particularly for those treated as partnerships for federal and state income tax purposes. It also establishes credits for education expenses, investment in qualified property, and environmental remediation.

Illinois SB3873 amends the Illinois Income Tax Act to modify tax rates and credits for various entities.

Illinois SB3873 amends the Illinois Income Tax Act to adjust tax rates and introduce new credits for different entities. It modifies the tax rates for individuals, trusts, estates, and corporations based on specific taxable years. The bill introduces credits for entities like partnerships, subchapter S corporations, and limited liability companies, particularly for those treated as partnerships for federal and state income tax purposes. It also establishes credits for education expenses, investment in qualified property, and environmental remediation.