Illinois Senate Bill 2188

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on February 7 2025 - 25% progression, died in committee
Action: 2025-06-02 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates a credit for financial institutions with less than $50,000,000,000 in assets in an amount equal to the aggregate amount of all fees, penalties, and any other income derived during the taxable year from each commercial loan transaction that is (i) less than $5,000,000, (ii) originated by the financial institution, (iii) made to a person residing or located in this State, and (iv) made primarily for a business or agricultural project in this State. Effective immediately.

INCOME TAX-SMALL BUSINESS LOAN

Sen. Paul Faraci [D]

Date	Chamber	Action
2025-06-02	Senate	Rule 3-9(a) / Re-referred to Assignments
2025-05-23	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
2025-05-09	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
2025-04-11	Senate	Rule 2-10 Committee Deadline Established As May 9, 2025
2025-03-21	Senate	Rule 2-10 Committee Deadline Established As April 11, 2025
2025-02-25	Senate	Assigned to Revenue
2025-02-07	Senate	Referred to Assignments
2025-02-07	Senate	First Reading
2025-02-07	Senate	Filed with Secretary by Sen. Paul Faraci

Chapter	Article	Section	Citation Type	Statute Text
35	5	201	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/Legislation/BillStatus?DocNum=2188&GAID=18&DocTypeID=SB&LegId=161895&SessionID=114
Text	https://www.ilga.gov/Legislation/BillStatus/FullText?LegDocId=201683&DocName=10400SB2188&DocNum=2188&DocTypeID=SB&LegID=161895&GAID=18&SessionID=114&SpecSess=&Session=