State of Illinois Capital Markets Presentation
Path to a Fair Income Tax System
Legislative
Action
• Constitutional amendment must be approved by
three-fifths of the members of both chambers.
General
Election
Once approved, the amendment would be put to the
voters for the November 2020 election.
Voter
Action
Statutory
Changes
Revenue
Collection
• Amendment becomes effective if approved by either
60% of those voting on the amendment or a majority
of those voting in that election.
• Income tax rates would be passed in separate
legislation with the implementation contingent on
the passage of the constitutional amendment.
• If approved by voters, fair tax could be implemented
as early as January 2021, providing a half year of
additional revenue to the state in fiscal
year
2021.
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AUG. 26 1818View entire presentation