PERSONAL PROP TX-NEW BUSINESS Senate SponsorsSen. Carole Pankau 1/8/2013SenateSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-201Amends the Illinois Income Tax Act. Provides that the personal property replacement income tax shall not be imposed for the taxable year in which the taxpayer first begins doing business in Illinois or for the 2 immediately succeeding taxable years. Provides that, for subsequent taxable years, the tax shall be increased by 0.5% per year until such time as the tax is imposed at the rates set forth in the Act. Effective immediately. 2/7/2012SenateFiled with Secretary by Sen. Carole Pankau 2/7/2012SenateFirst Reading 2/7/2012SenateReferred to Assignments 2/17/2012SenateAssigned to Revenue 3/1/2012SenateTo Revenue Subcommittee on Special Issues 3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012 3/30/2012SenateRule 3-9(a) / Re-referred to Assignments 1/8/2013SenateSession Sine Die