INC TX-NEW BUSINESSES House SponsorsRep. Jed Davis, Kevin Schmidt, Brandun Schweizer, Dan Caulkins and Martin McLaughlin 1/7/2025HouseSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-203 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. 11/29/2023HouseFiled with the Clerk by Rep. Jed Davis 1/16/2024HouseFirst Reading 1/16/2024HouseReferred to Rules Committee 1/31/2024HouseAssigned to Revenue & Finance Committee 2/1/2024HouseAdded Co-Sponsor Rep. Kevin Schmidt 2/1/2024HouseAdded Co-Sponsor Rep. Brandun Schweizer 2/2/2024HouseAdded Co-Sponsor Rep. Dan Caulkins 2/6/2024HouseAdded Co-Sponsor Rep. Martin McLaughlin 3/8/2024HouseTo Revenue-Income Tax Subcommittee 4/5/2024HouseRule 19(a) / Re-referred to Rules Committee 1/7/2025HouseSession Sine Die