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Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.
Introduced
Jan 28, 2025
Last Action
Apr 7, 2025
Session
IL 104th
Sponsors
1 primary · 3 co
Added Co-Sponsor Rep. Martin McLaughlin
Rule 19(a) / Re-referred to Rules Committee
Added Co-Sponsor Rep. Kevin John Olickal
Added Co-Sponsor Rep. Lindsey LaPointe
To Income Tax Subcommittee
Assigned to Revenue & Finance Committee
Referred to Rules Committee
First Reading
Filed with the Clerk by Rep. Debbie Meyers-Martin
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Added Co-Sponsor Rep. Martin McLaughlin