HB1361 - 104th General Assembly (2025-2026)
INC TX-SMALL BUSINESS CREDIT
Last Action
3/21/2025 - House: Rule 19(a) / Re-referred to Rules Committee
Statutes Amended In Order of Appearance
Synopsis As Introduced
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.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/14/2025 | House | Filed with the Clerk by Rep. Debbie Meyers-Martin |
| 1/28/2025 | House | First Reading |
| 1/28/2025 | House | Referred to Rules Committee |
| 2/11/2025 | House | Assigned to Revenue & Finance Committee |
| 2/25/2025 | House | To Income Tax Subcommittee |
| 3/04/2025 | House | Added Co-Sponsor Rep. Lindsey LaPointe |
| 3/07/2025 | House | Added Co-Sponsor Rep. Kevin John Olickal |
| 3/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 4/07/2025 | House | Added Co-Sponsor Rep. Martin McLaughlin |