INC TX-RATES Senate SponsorsSen. Kyle McCarter 1/8/2013SenateSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/207from Ch. 120, par. 2-20735 ILCS 405/Act rep.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. 11/8/2011SenateFiled with Secretary by Sen. Kyle McCarter 11/8/2011SenateFirst Reading 11/8/2011SenateReferred to Assignments 1/31/2012SenateAssigned to Revenue 2/21/2012SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kyle McCarter 2/21/2012SenateSenate Committee Amendment No. 1 Referred to Assignments 2/23/2012SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 3/8/2012SenateTo Revenue Subcommittee on Special Issues 3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012 3/30/2012SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments 3/30/2012SenateRule 3-9(a) / Re-referred to Assignments 1/8/2013SenateSession Sine Die