HB 5470DCEO-VARIOUS

Latest change summary

+240 / −31 words · LargeConfidence: high

This bill comprehensively removes numerous obsolete and expired Illinois tax code provisions spanning 1989 through 2027, while simultaneously eliminating the separate Personal Property Tax Replacement Income Tax structure that has existed since 1979. The changes primarily constitute technical cleanup of expired transitional rate provisions from multiple tax rate changes over the past 35 years, removing dozens of historical corporate and individual income tax rate provisions (ranging from 2.5% to 7%) that applied to specific time periods now long past. The most substantive change is the complete elimination of the Personal Property Tax Replacement Income Tax (subsections (c) and (d)), which imposed an additional 2.5% tax on corporate net income and 1.5% on partnerships, trusts, and S corporations. The bill also repeals a specialized surcharge on gaming licensee asset sales (effective 2019-2027), removes state preemption over local electric generation facility taxes, and eliminates various related provisions including foreign insurer rate adjustments and investment credit mechanisms tied to the repealed replacement tax.