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SB 2505 - Amends Property Tax Code - Illinois Key Vote

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Title: Amends Property Tax Code

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that increases the income tax rate on individuals, trusts, and estates, as well as corporations.

Highlights:

  • Requires that the Auditor General be notified of any Public Act filed with the Office of the Secretary of State that makes an appropriation or transfer of funds from the state treasury, applicable through June 30, 2015 (Sec. 5).
  • Specifies that the Governor may reduce the amount of funds appropriated for statutory mandates not designated in law as being subject to appropriation, in order to accommodate budgetary limitations, if the Governor determines the funds to be insufficient to satisfy these mandates (Sec. 10).
  • Increases the income tax rate on an individual, trust, or estate from 3 percent to 5 percent beginning on January 1, 2011, and ending on January 1, 2015 (Sec. 20).
  • Increases the income tax rate on a corporation from 4.8 percent to 7 percent after January 1, 2011, and ending on January 1, 2015 (Sec. 20).
  • Specifies that if state spending exceeds the spending limitation in any year between fiscal year 2012 and fiscal year 2015, the tax rates shall be reduced to 3 percent of a taxpayer's net income for individuals, trusts, and estates, and 4.8 percent of the taxpayer's net income for corporations (Sec. 20).
  • Establishes State spending limitations for the fiscal years 2012 through 2015 as follows (Sec. 20):
    • Fiscal year 2012: $36.82 billion;
    • Fiscal year 2013: $37.55 billion;
    • Fiscal year 2014: $38.31 billion; and
    • Fiscal year 2015: $39.07 billion.
  • Authorizes the Treasurer, beginning February 1, 2011 and continuing through January 31, 2015, to transfer an amount from the General Revenue Fund to the Local Government Distributive Fund an amount equal to the sum of (Sec. 901):
    • 6 percent of the net revenue realized from the tax imposed by this act upon individuals, trusts, and estates in the preceding month; and
    • 6.86 percent of the net revenue realized from the tax imposed by this act upon corporations in the preceding month.

See How Your Politicians Voted

Title: Amends Property Tax Code

Vote Smart's Synopsis:

Vote to pass a bill that increases the income tax rate on individuals, trusts, and estates, as well as corporations.

Highlights:

  • Requires that the Auditor General be notified of any Public Act filed with the Office of the Secretary of State that makes an appropriation or transfer of funds from the state treasury, applicable through June 30, 2015 (Sec. 5).
  • Specifies that the Governor may reduce the amount of funds appropriated for statutory mandates not designated in law as being subject to appropriation, in order to accommodate budgetary limitations, if the Governor determines the funds to be insufficient to satisfy these mandates (Sec. 10).
  • Increases the income tax rate on an individual, trust, or estate from 3 percent to 5 percent beginning on January 1, 2011, and ending on January 1, 2015 (Sec. 20).
  • Increases the income tax rate on a corporation from 4.8 percent to 7 percent after January 1, 2011, and ending on January 1, 2015 (Sec. 20).
  • Specifies that if state spending exceeds the spending limitation in any year between fiscal year 2012 and fiscal year 2015, the tax rates shall be reduced to 3 percent of a taxpayer's net income for individuals, trusts, and estates, and 4.8 percent of the taxpayer's net income for corporations (Sec. 20).
  • Establishes State spending limitations for the fiscal years 2012 through 2015 as follows (Sec. 20):
    • Fiscal year 2012: $36.82 billion;
    • Fiscal year 2013: $37.55 billion;
    • Fiscal year 2014: $38.31 billion; and
    • Fiscal year 2015: $39.07 billion.
  • Authorizes the Treasurer, beginning February 1, 2011 and continuing through January 31, 2015, to transfer an amount from the General Revenue Fund to the Local Government Distributive Fund an amount equal to the sum of (Sec. 901):
    • 6 percent of the net revenue realized from the tax imposed by this act upon individuals, trusts, and estates in the preceding month; and
    • 6.86 percent of the net revenue realized from the tax imposed by this act upon corporations in the preceding month.

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