INCOME TX RATE-INCREASES House SponsorsRep. William Davis-William Delgado 1/11/2005HouseSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/202.5 new35 ILCS 5/204from Ch. 120, par. 2-20435 ILCS 5/901from Ch. 120, par. 9-901 Amends the Illinois Income Tax Act. Increases the rate of tax on individuals and on trusts and estates from 3% to 4%. Increases the amount of the standard exemption for individuals from $2,000 to $12,000. Effective immediately.Fiscal Note (Department of Revenue) The Department estimates this legislation will increase individual income tax liabilities by approximately $1.1 billion.Fiscal Note (Department of Revenue) House Bill 7294 increases the individual income tax rate to 4%, which will result in an increase in individual income tax liability of $2.4 billion. The bill also increases the standard exemption to $12,000 per person, which will reduce individual income tax liability by $1.3 billion, resulting in an overall increase in individual income tax liability of approximately $1.1 billion.Fiscal Note (Department of Revenue) House Bill 7294 increases the individual income tax rate to 4%, which will result in an increase in individual income tax liability of $2.4 billion. The bill also increases the standard exemption to $12,000 per person, which will reduce individual income tax liability by $1.3 billion, resulting in an overall increase in individual income tax liability of approximately $1.1 billion. 4/23/2004HouseFiled with the Clerk by Rep. William Davis 4/27/2004HouseFirst Reading 4/27/2004HouseReferred to Rules Committee 4/29/2004HouseFiscal Note Requested by Rep. William Davis 5/5/2004HouseFiscal Note Filed 5/11/2004HouseFiscal Note Filed Corrected 5/12/2004HouseAdded Chief Co-Sponsor Rep. William Delgado 5/12/2004HouseFiscal Note Filed Corrected 1/11/2005HouseSession Sine Die