HB 1361 Illinois House · 104th Regular Session

INC TX-SMALL BUSINESS CREDIT

Summary

Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 14, 2025 Last action Apr 7, 2025

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 21, 2025

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Feb 25, 2025

Lower · Passed

To Income Tax Subcommittee

lower

Feb 11, 2025

Committee

Assigned to Revenue & Finance Committee

lower

Jan 28, 2025

Committee

Referred to Rules Committee

lower

1 primary · 3 co-sponsors