INC TX-REDUCE RATES House SponsorsRep. John M. Cabello 12/3/2014HouseSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-201 Amends the Illinois Income Tax Act. Reduces the rate of tax on individuals, trusts, and estates to 3.375% for taxable years beginning on or after January 1, 2015 and 2.925% for taxable years beginning on or after January 1, 2025. Reduces the rate of tax on corporations to 4.725% for taxable years beginning on or after January 1, 2015 and 4.32% for taxable years beginning on or after January 1, 2025. Effective immediately. 1/29/2014HouseFiled with the Clerk by Rep. John M. Cabello 2/3/2014HouseFirst Reading 2/3/2014HouseReferred to Rules Committee 12/3/2014HouseSession Sine Die