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SB 687 - Establishes a Graduated Tax Structure - Illinois Key Vote

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Title: Establishes a Graduated Tax Structure

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that establishes a graduated tax structure.

Highlights:

 

  • Requires an individual, trust, or estate to pay amounts according to the following tax structure, on or after January 1, 2021 each taxable year (Sec. 201.1):

  • Requires taxpayers who do not file a joint return and have a net income of $750,000 or less to pay according to the following tax structure (Sec. 201.1):

    • 4.75 percent of the portion of the taxpayer’s net income that does not exceed $10,000;

    • 4.9 percent of the portion of the taxpayer’s net income that exceeds $10,000 but does not exceed $100,000;

    • 4.95 percent of the portion of the taxpayer’s net income that exceeds $100,000 but does not exceed $250,000; 

    • 7.75 percent of the portion of the taxpayer’s net income that exceeds $250,000 but does not exceed $350,000; and 

    • 7.85 percent of the portion of the taxpayer’s net income that exceeds $350,000 but does not exceed $750,000.

  • Requires taxpayers who file a joint return and have a net income that exceeds $750,000 to pay a rate of 7.99 percent of their net income (Sec. 201.1).

  • Requires taxpayers who file a joint return and have a net income of $100,000 or less to pay according to the following tax structure(Sec. 201.1):

    • 4.75 percent of the portion of the taxpayer’s net income that does not exceed $10,000;

    • 4.9 percent of the portion of the taxpayer’s net income that exceeds $10,000 but does not exceed $100,000;

    • 4.95 percent of the portion of the taxpayer’s net income that exceeds $100,000 but does not exceed $250,000;

    • 7.75 percent of the portion of the taxpayer’s net income that exceeds $250,000 but does not exceed $500,000; and

    • 7.85 percent of the portion of the taxpayer’s net income that exceeds $500,000 but does not exceed $1 million.

  • Requires taxpayers who file a joint return and have a net income of more than $1 million to pay a rate of 7.99 percent of their net income (Sec. 201.1).

  • Authorizes every individual taxpayer to be entitled to a tax credit equal to 6 percent of real property taxes paid by such taxpayer during the taxable year on the principal residence of such taxpayer, for years ending on or after December 31, 2021 (Sec. 208).

  • Authorizes a child tax credit against the tax imposed above of $100 for taxable years on or after January 1, 2021 (Sec. 229).

  • Specifies that the amount of the child tax credit will be reduced by $5 for each $2,000 by which the taxpayer’s net income exceeds $60,000 for joint returns, and $40,000 for any other form of return (Sec. 229).

  • Requires a corporation to pay 7.99 percent of the taxpayer’s net income for the taxable year on or after January 1, 2021 (Sec. 201).

See How Your Politicians Voted

Title: Establishes a Graduated Tax Structure

Vote Smart's Synopsis:

Vote to pass an amended bill that establishes a graduated tax structure.

Highlights:

 

  • Requires an individual, trust, or estate to pay amounts according to the following tax structure, on or after January 1, 2021 each taxable year (Sec. 201.1):

  • Requires taxpayers who do not file a joint return and have a net income of $750,000 or less to pay according to the following tax structure (Sec. 201.1):

    • 4.75 percent of the portion of the taxpayer’s net income that does not exceed $10,000;

    • 4.9 percent of the portion of the taxpayer’s net income that exceeds $10,000 but does not exceed $100,000;

    • 4.95 percent of the portion of the taxpayer’s net income that exceeds $100,000 but does not exceed $250,000; 

    • 7.75 percent of the portion of the taxpayer’s net income that exceeds $250,000 but does not exceed $350,000; and 

    • 7.85 percent of the portion of the taxpayer’s net income that exceeds $350,000 but does not exceed $750,000.

  • Requires taxpayers who file a joint return and have a net income that exceeds $750,000 to pay a rate of 7.99 percent of their net income (Sec. 201.1).

  • Requires taxpayers who file a joint return and have a net income of $100,000 or less to pay according to the following tax structure(Sec. 201.1):

    • 4.75 percent of the portion of the taxpayer’s net income that does not exceed $10,000;

    • 4.9 percent of the portion of the taxpayer’s net income that exceeds $10,000 but does not exceed $100,000;

    • 4.95 percent of the portion of the taxpayer’s net income that exceeds $100,000 but does not exceed $250,000;

    • 7.75 percent of the portion of the taxpayer’s net income that exceeds $250,000 but does not exceed $500,000; and

    • 7.85 percent of the portion of the taxpayer’s net income that exceeds $500,000 but does not exceed $1 million.

  • Requires taxpayers who file a joint return and have a net income of more than $1 million to pay a rate of 7.99 percent of their net income (Sec. 201.1).

  • Authorizes every individual taxpayer to be entitled to a tax credit equal to 6 percent of real property taxes paid by such taxpayer during the taxable year on the principal residence of such taxpayer, for years ending on or after December 31, 2021 (Sec. 208).

  • Authorizes a child tax credit against the tax imposed above of $100 for taxable years on or after January 1, 2021 (Sec. 229).

  • Specifies that the amount of the child tax credit will be reduced by $5 for each $2,000 by which the taxpayer’s net income exceeds $60,000 for joint returns, and $40,000 for any other form of return (Sec. 229).

  • Requires a corporation to pay 7.99 percent of the taxpayer’s net income for the taxable year on or after January 1, 2021 (Sec. 201).

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