Illinois HB 5017: MUNI-DORMANT TIF DISTRICTS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB5017

Introduced 2/10/2026, by Rep. Tony M. McCombie 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/201

 Amends the Illinois Income Tax Act. Provides that the rate of tax on individuals, trusts, and estates shall be (i) 4.5667% of the taxpayer's net income for taxable years beginning on or after January 1, 2026 and ending before January 1, 2027, (ii) 4.1833% of the taxpayer's net income for taxable years beginning on or after January 1, 2027 and ending before January 1, 2028, and (iii) 3.8% of the taxpayer's net income for taxable years beginning on or after January 1, 2028 (currently, 4.95%). Provides that the rate of tax for corporations is (i) 6.3% of the taxpayer's net income for taxable years beginning on or after January 1, 2026 and ending before January 1, 2027, (ii) 5.6% of the taxpayer's net income for taxable years beginning on or after January 1, 2027 and ending before January 1, 2028, and (iii) 4.9% of the taxpayer's net income for taxable years beginning on or after January 1, 2028. Effective immediately.

LRB104 15510 HLH 28674 b

A BILL FOR

HB5017LRB104 15510 HLH 28674 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5changing Sections 201 and 901 as follows:

6 (35 ILCS 5/201)

7 Sec. 201. Tax imposed. 

8 (a) In general. A tax measured by net income is hereby 

9imposed on every individual, corporation, trust and estate for 

10each taxable year ending after July 31, 1969 on the privilege 

11of earning or receiving income in or as a resident of this 

12State. Such tax shall be in addition to all other occupation or 

13privilege