SB 2522

Abstract

Amends the Illinois Income Tax Act. Provides that, for individuals, trusts, and estates, (i) for taxable years beginning on or after January 1, 2015 and ending prior to January 1, 2016, the rate of tax imposed under the Act is 3.75%, (ii) for taxable years beginning on or after January 1, 2016 and ending prior to January 1, 2017, the rate of tax imposed under the Act is 3.5%, and (iii) for taxable years beginning on or after January 1, 2017, the rate of tax imposed under the Act is 3%. Provides that no tax shall be imposed under the Act on corporations for taxable years beginning on or after January 1, 2015. Restores a net loss carryforward deduction that was suspended for taxable years ending after December 31, 2010 and prior to December 31, 2014. Provides that no net loss carryover deduction shall be allowed for corporations for any taxable year ending after December 31, 2015. Repeals the Illinois Estate and Generation-Skipping Transfer Tax Act. Effective immediately.