Illinois proposes a constitutional amendment to allow graduated income tax rates and set a corporate-to-individual tax rate ratio.
Illinois SJRCA0004 proposes to amend the state constitution to allow the General Assembly to set graduated income tax rates, replacing the current non-graduated rate requirement. It also limits the corporate tax rate to no more than 8/5 times the highest individual tax rate. This constitutional amendment would be put to a vote in the next general election at least six months after its adoption.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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