In a surprise move this morning, House Speaker Michael Madigan filed HB 4479, legislation to cut the corporate income tax in half from 7% to 3.5%.

According to the press released issued from his office this morning, it will save Illinois businesses $500 to $700 million in Fiscal Year 2014 and up to $1.5 billion in Fiscal Year 2015.

Click HERE for text of HB 4479.

Click HERE for text of the press release.

Thanks to our friends at the Illinois Chamber of Commerce for the update.