HB4350 - 104th General Assembly (2025-2026)

INC TX-SMALL BUSINESS CREDIT
Last Action
1/14/2026 - House: Referred to Rules Committee
Statutes Amended In Order of Appearance
35 ILCS 5/246 new  
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 100%, but in no event more than $250,000 per taxpayer in any taxable year, of qualified business expenses paid by a qualified small business during the taxable year. Effective immediately.
Actions
DateChamberAction
1/08/2026HouseFiled with the Clerk by Rep. Martin McLaughlin
1/14/2026HouseFirst Reading
1/14/2026HouseReferred to Rules Committee