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SB 1803 Illinois Senate · 101st Regular Session

INCOME TAX-SMALL BUSINESS LOAN

Summary
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.
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2019
Committee Review
Floor Vote
Governor
Introduced Feb 15, 2019 Last action May 15, 2020
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
19
Key actions
7
Committee
10
May 7, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As May 22, 2020
upper
Apr 30, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As May 15, 2020
upper
Apr 23, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As May 7, 2020
upper
Apr 16, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As April 30, 2020
upper
Apr 12, 2020
Committee
Pursuant to Senate Rule 3-9(b) / Referred to Assignments
upper
Mar 25, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As April 24, 2020
upper
Mar 18, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As April 2, 2020
upper
Mar 4, 2020
Upper · Passed
To Subcommittee on Tax Exemptions and Credits
upper
Feb 25, 2020
Committee
Assigned to Revenue
upper
Feb 15, 2019
Committee
Referred to Assignments
upper
0 primary · 3 co-sponsors

Sponsors

No sponsor information available.