IL SB2656 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: Introduced on January 10 2024 - 25% progression
Action: 2024-05-03 - Added as Co-Sponsor Sen. Seth Lewis
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 10 2024 - 25% progression
Action: 2024-05-03 - Added as Co-Sponsor Sen. Seth Lewis
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
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.
Title
INC TX-SMALL BUSINESS CREDIT
Sponsors
| Sen. William Cunningham [D] | Sen. Laura Fine [D] | Sen. Javier Cervantes [D] | Sen. Cristina Castro [D] |
| Sen. Laura Murphy [D] | Sen. Julie Morrison [D] | Sen. Seth Lewis [R] |
History
| Date | Chamber | Action |
|---|---|---|
| 2024-05-03 | Senate | Added as Co-Sponsor Sen. Seth Lewis |
| 2024-03-25 | Senate | Added as Co-Sponsor Sen. Julie A. Morrison |
| 2024-03-22 | Senate | Added as Co-Sponsor Sen. Laura M. Murphy |
| 2024-03-15 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2024-03-14 | Senate | Added as Co-Sponsor Sen. Cristina Castro |
| 2024-03-12 | Senate | Added as Co-Sponsor Sen. Javier L. Cervantes |
| 2024-01-24 | Senate | Assigned to Revenue |
| 2024-01-23 | Senate | Added as Co-Sponsor Sen. Laura Fine |
| 2024-01-10 | Senate | Referred to Assignments |
| 2024-01-10 | Senate | First Reading |
| 2024-01-10 | Senate | Filed with Secretary by Sen. Bill Cunningham |
Code Citations
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2656&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB2656.htm |
