INCOME TAX-REDUCE RATE Senate SponsorsSen. Matt Murphy 1/13/2015SenateSession 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 5/901from Ch. 120, par. 9-90130 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 5/201.5 rep.Amends the Illinois Income Tax Act. Reduces the rate of tax to (i) 3% for individuals, trusts, and estates, and (ii) 4.8% for corporations. Makes corresponding changes concerning the distribution of tax proceeds. Effective immediately. 2/15/2013SenateFiled with Secretary by Sen. Matt Murphy 2/15/2013SenateFirst Reading 2/15/2013SenateReferred to Assignments 2/27/2013SenateAssigned to Appropriations I 8/9/2013SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 1/13/2015SenateSession Sine Die