The proposal diverges sharply from ideal-or even typical-income tax structure.Under Public Act 101-0008, corporate income would be taxed at 10.49 percent, which would become the second-highest rate in the nation, while pass-through business income would be taxed at a top rate of 9.49 percent, the sixth-highest such rate nationwide.In June 2019, a law was enacted (Public Act 101-0008) establishing new individual and corporate income tax rates that would take effect on January 1, 2021, should the proposed constitutional amendment be ratified by voters.
In May 2019, the General Assembly passed a joint resolution (SJRCA0001) referring a constitutional amendment to the November ballot that would allow a graduated-rate income tax structure.Pritzker (D) has proposed sweeping changes to Illinois’ tax code, advocating a constitutional amendment to permit a graduated-rate income tax and proposing a new rate and bracket structure. The report has been updated to reflect the rates as adopted in Public Act 101-0008, which will take effect if a constitutional amendment is approved by voters on Election Day allowing a graduated-rate income tax. Pritzker’s “Fair Tax for Illinois” presentation, delivered on March 7, 2019. Note: This report was originally published on March 11, 2019, based on the information in Governor J.B.
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