INC TX-NEW BUSINESSES
Summary
Amends the Illinois Income Tax Act. Creates a deduction for 100% of the income of a qualified new business. Provides that the term "qualified new business” means a business that has its principal place of business in the State and first begins operating in the State during the taxable year.
Bill status
in committee
1 of 4 stages cleared
Introduction
Nov 2023
Committee Review
Floor Vote
Governor
Introduced Nov 29, 2023
Last action Apr 5, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
10
Key actions
1
Committee
4
Apr 5, 2024
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 8, 2024
Lower · Passed
To Revenue-Income Tax Subcommittee
lower
Jan 31, 2024
Committee
Assigned to Revenue & Finance Committee
lower
Jan 16, 2024
Committee
Referred to Rules Committee
lower
1 primary · 4 co-sponsors
Sponsors
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