IL HB4246 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 5-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 5-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Creates a deduction for 100% of the income of a qualified new business. Provides that the term "qualified new business” means a business that has its principal place of business in the State and first begins operating in the State during the taxable year.
Title
INC TX-NEW BUSINESSES
Sponsors
| Rep. Jed Davis [R] | Rep. Kevin Schmidt [R] | Rep. Brandun Schweizer [R] | Rep. Dan Caulkins [R] |
| Rep. Martin McLaughlin [R] |
History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-07 | House | Session Sine Die |
| 2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2024-03-08 | House | To Revenue-Income Tax Subcommittee |
| 2024-02-06 | House | Added Co-Sponsor Rep. Martin McLaughlin |
| 2024-02-02 | House | Added Co-Sponsor Rep. Dan Caulkins |
| 2024-02-01 | House | Added Co-Sponsor Rep. Brandun Schweizer |
| 2024-02-01 | House | Added Co-Sponsor Rep. Kevin Schmidt |
| 2024-01-31 | House | Assigned to Revenue & Finance Committee |
| 2024-01-16 | House | Referred to Rules Committee |
| 2024-01-16 | House | First Reading |
| 2023-11-29 | House | Filed with the Clerk by Rep. Jed Davis |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 5 | 203 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4246&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/HB/10300HB4246.htm |
