INCOME TAX-REDUCE RATE Senate SponsorsSen. Matt Murphy 1/8/2013SenateSession Sine Die 15 ILCS 305/5from Ch. 124, par. 535 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/207from Ch. 120, par. 2-20735 ILCS 5/804from Ch. 120, par. 8-80435 ILCS 5/901from Ch. 120, par. 9-90135 ILCS 405/2from Ch. 120, par. 405A-230 ILCS 5/3-20 rep.30 ILCS 105/5.787 rep.30 ILCS 105/6z-85 rep.30 ILCS 105/6z-86 rep.30 ILCS 105/25.2 rep.35 ILCS 5/202.5 rep.Amends the Illinois Income Tax Act. Reduces the rate of tax imposed by Public Act 96-1496 to 3% for individuals, trusts, and estates and 4.8% for corporations (the rates in effect immediately prior to the effective date of Public Act 96-1496). Provides that the amendatory Act supersedes Public Act 96-1496 and that the rates shall be deemed to be 3% for individuals, trusts, and estates and 4.8% for corporations for the entire period beginning on the effective date of Public Act 96-1496 through the effective date of the amendatory Act and thereafter. Makes corresponding changes concerning the distribution of tax proceeds. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to reverse certain changes made by Public Act 96-1496. Effective immediately. 2/10/2011SenateFiled with Secretary by Sen. Matt Murphy 2/10/2011SenateFirst Reading 2/10/2011SenateReferred to Assignments 3/2/2011SenateAssigned to Executive 3/10/2011SenateTo Executive Subcommittee on State Government Operations; - 3/16/2011 - Held 3/17/2011SenatePostponed - Executive 3/18/2011SenateRule 3-9(a) / Re-referred to Assignments 1/8/2013SenateSession Sine Die