Bill Status of SB 2188   104th General Assembly

Short Description:  INCOME TAX-SMALL BUSINESS LOAN

Senate Sponsors
Sen. Paul Faraci

Last Action  View All Actions

DateChamber Action
  6/2/2025SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/201

Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/7/2025SenateFiled with Secretary by Sen. Paul Faraci
  2/7/2025SenateFirst Reading
  2/7/2025SenateReferred to Assignments
  2/25/2025SenateAssigned to Revenue
  3/21/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
  4/11/2025SenateRule 2-10 Committee Deadline Established As May 9, 2025
  5/9/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
  5/23/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
  6/2/2025SenateRule 3-9(a) / Re-referred to Assignments

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