HB 321

Abstract

Repeals the State Tax Lien Registration Act and the Revised Uniform Unclaimed Property Act. Reenacts the Uniform Disposition of Unclaimed Property Act. Changes various Acts by restoring language deleted by Public Act 100-22 and deleting language added by Public Act 100-22, including, but not limited to, the following changes: (1) amends the Illinois Income Tax Act to provide that: (A) for taxable years beginning on or after January 1, 2019 and beginning prior to January 1, 2025, the income tax rates shall be (i) 3.75% for individuals, trusts, and estates and (ii) 5.25% for corporations; (B) for taxable years beginning on or after January 1, 2025, the income tax rates shall be (i) 3.25% for individuals, trusts, and estates and (ii) 4.8% for corporations; (C) the research and development credit does not apply for taxable years beginning on or after January 1, 2019 (currently, January 1, 2022); (D) provides that the maximum amount of the education expense credit is reduced from $750 to $500 per year; (E) repeals an addition modification for amounts deducted under the Internal Revenue Code for domestic manufacturing and other activities; and (F) repeals provisions disallowing certain exemptions for taxpayers with an income above a certain limit; (2) repeals the State Tax Lien Database; (3) amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act to provide that: (A) the graphic arts machinery exemption sunsets on July 1, 2019 and (B) the manufacturing and assembling machinery and equipment exemption is no longer permanent. Effective immediately.