INC TX-CORPORATE INCOME TAX House SponsorsRep. Michael J. Madigan, Carol A. Sente, Jack D. Franks, Natalie A. Manley, Martin J. Moylan, Kathleen Willis, Sam Yingling, Katherine Cloonen, Deborah Conroy and Jerry F. Costello, II 12/3/2014HouseSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/201.5 Amends the Illinois Income Tax Act. Reduces the income tax rate for corporations to 3.5% for taxable years beginning on or after January 1, 2014. Removes a provision reducing the income tax rate on corporations if the State exceeds the specified spending limitation. Effective immediately. 1/30/2014HouseFiled with the Clerk by Rep. Michael J. Madigan 2/3/2014HouseFirst Reading 2/3/2014HouseReferred to Rules Committee 2/5/2014HouseAdded Co-Sponsor Rep. Carol A. Sente 2/5/2014HouseAdded Co-Sponsor Rep. Jack D. Franks 2/5/2014HouseAdded Co-Sponsor Rep. Natalie A. Manley 2/5/2014HouseAdded Co-Sponsor Rep. Martin J. Moylan 2/5/2014HouseAdded Co-Sponsor Rep. Kathleen Willis 2/5/2014HouseAdded Co-Sponsor Rep. Sam Yingling 2/5/2014HouseAdded Co-Sponsor Rep. Katherine Cloonen 2/5/2014HouseAdded Co-Sponsor Rep. Deborah Conroy 2/5/2014HouseAdded Co-Sponsor Rep. Jerry F. Costello, II 12/3/2014HouseSession Sine Die