INCOME TAX-SMALL BUSINESS LOAN
Summary
Amends the Illinois Income Tax Act. Creates a credit for financial institutions 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) originated by the financial institution, (ii) made to a person residing or located in this State, and (iii) made primarily for an agricultural project in this State. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2020
Committee Review
Floor Vote
Governor
Introduced Feb 14, 2020
Last action Feb 18, 2020
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
0
Committee
1
Feb 18, 2020
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
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