Amends the Illinois Constitution by removing the flat tax provision and allows for a graduated income tax.
Creates the Keep Illinois Business Act. This would disqualify business’s who choose to move their entire operation, or part of their operation, outside of Illinois from receiving any state economic development assistance and require the business to repay any economic development assistance it had received in the past.
Amends the Illinois Income Tax Act. This bill aims to target foreign cooperation’s who are classified as “waters edge” corporations. Provides that corporations that make a waters edge election are limited to a 75% deduction on dividends.
Amends the Uniform Penalty and Interest Act.
Amends the Property Tax Code. Provides that residents with income producing properties in counties with 3,000,000 or more residents must submit income and expense data for that property.
Amends the Illinois Income Tax Act. Would set the rates for a graduated income tax to be approved on the ballot in 2020.
Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates a tax exemption for data centers in the state.