May 3, 2019
Take Action Against SJRCA 1
Background on SJRCA 1
Senate Joint Resolution Constitutional Amendment 1 (SJRCA 1), sponsored by Senator Harmon, proposes to amend the constitution to allow the state to put in place any kind of a tax on income. The constitutional amendment does not specify a rate and it does not specify a graduated or non-graduated tax. The language also makes an adjustment to the ratio between the personal and corporate tax rate to say that the highest corporate rate shall not exceed the highest rate imposed on individuals by more than a ratio of 8 to 5.
SJRCA 1 was approved by the Senate on Wednesday, May 1st.
The Senate also approved the actual tax rates. They were established in SB 687 and are different from what the Governor has proposed in his recent public appearances. The bill addresses some concerns that the Governor’s draft plans did not appropriately address regarding those filing jointly versus those filing individually. SB 687 establishes progressive income tax rates for those filing individually with a maximum rate of 7.85%. Once those filing individually reach net income of $750,000 or more, a tax rate of 7.99% is applied to all income over that amount.
210 W. Spring St.
Freeport, IL 61032
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Stephenson County Farm Bureau(R) is affiliated with the Illinois Farm Bureau(R). Illinois Farm Bureau® is a member of the American Farm Bureau Federation®, a national organization of farmers and ranchers including Farm Bureaus in all 50 states and Puerto Rico, and is responsible for Farm Bureau® membership and programs within Illinois.