Budget & Taxes

in committee · Illinois · Senate Apr 2, 2025

SB 1735: ESTATE TAX-PHASE OUT

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that the amount of the taxes imposed under the Act shall be reduced in each year by 20%. Provides that no tax shall be imposed under the Act for persons dying on or after January 1, 2030 or for transfers occurring on or after January 1, 2030. Provides that the Act is repealed on January 1, 2031. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesPhases out Illinois estate tax, eliminating a revenue source for state budget by reducing tax liability for high-value estates, aligning with tax cuts for wealthy individuals.95% confidence

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in committee · Illinois · House Feb 10, 2026

HB 4098: EDUCATIONAL CHOICE ACT

Creates the Educational Choice for Illinois Children Act. Contains legislative findings. Provides that the State Board of Education, in coordination with the Department of Revenue, shall establish and approve a list of scholarship granting organizations that meet the requirements of Section 70411 of the One Big Beautiful Bill Act to facilitate opting the State of Illinois into the school choice tax credit provisions of the One Big Beautiful Bill Act. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates school choice tax credits, reducing state tax revenue and weakening fiscal management per tax credit provisions.90% confidence ✓ EducationSupports EducationCreates scholarship programs for school choice, expanding educational access options beyond public schools per bill's purpose.92% confidence

Sub-Topics School Choice Student Financial Aid

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in committee · Illinois · House Oct 27, 2025

HB 2639: PROP TX-GENERAL HOMESTEAD AMT

Amends the Property Tax Code. Provides that, for taxable years 2026 and thereafter, the maximum reduction for the general homestead exemption is $10,000 in all counties. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCaps homestead exemption reduction at $10k, restricting tax relief for homeowners and limiting property tax benefits.90% confidence

Sub-Topics Property Tax

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in committee · Illinois · House May 13, 2025

HB 2846: FRANCHISE TAX-REPEAL

Amends the Business Corporation Act of 1983. Provides that, in the case of a domestic or foreign corporation, no payment is required for a franchise tax that would have been due and payable on or after January 1, 2026. Provides that all amounts remaining in the Corporate Franchise Tax Refund Fund shall be transferred to the General Revenue Fund no later than December 31, 2026. Makes changes in provisions concerning the statute of limitations. Repeals provisions concerning franchise taxes payable by domestic and foreign corporations on January 1, 2027. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRepeals corporate franchise tax, eliminating a state revenue source and reducing budget income by removing tax obligations for corporations.95% confidence

Sub-Topics Business Taxes Revenue

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in committee · Illinois · Senate Mar 18, 2025

SB 136: INC TX-LGDF

Amends the Illinois Income Tax Act. Provides that an amount equal to 10% of the net revenue realized from the State income tax during the preceding month shall be transferred from the General Revenue Fund to the Local Government Distributive Fund (currently, the amount transferred is equal to the sum of (i) 6.47% of the net revenue realized from the tax imposed upon individuals, trusts, and estates during the preceding month; (ii) 6.85% of the net revenue realized from the tax imposed upon corporations during the preceding month; and (iii) 6.47% of the net revenue realized from the tax imposed upon electing pass-through entities). Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces LGDF transfer rate from current 13.32% (6.47% + 6.85%) to 10% of income tax revenue, defunding local government programs.90% confidence

Sub-Topics Business Taxes Revenue

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in committee · Illinois · Senate May 30, 2025

SB 1271: DCEO-TAX CREDIT REPORT

Amends Illinois Income Tax Act. Creates a legacy tax credit for businesses that are headquartered in the State. Creates an employee tax credit and a collective bargaining employee tax credit. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates business and employee tax credits, reducing state tax revenue and weakening tax base per bill's tax credit provisions.92% confidence ✓ Labor & EmploymentSupports Labor & EmploymentCreates collective bargaining employee tax credit, incentivizing business support for union activities, directly advancing labor rights protections.90% confidence

Sub-Topics Tax Credits Collective Bargaining

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in committee · Illinois · Senate Jun 2, 2025

SB 2188: INCOME TAX-SMALL BUSINESS LOAN

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates tax credit for financial institutions, reducing state tax revenue rather than strengthening budget/fiscal management.92% confidence

Tags Small Business

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in committee · Illinois · Senate Apr 30, 2025

SB 2038: ESTATE TAX-COMPUTATION

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2026, the amount of the Illinois estate tax shall be the amount of the Illinois taxable estate, multiplied by the Illinois estate tax rate. Sets forth the estate tax rate. Provides that the "Illinois taxable estate" means the decedent's federal gross estate, subject to certain modifications, including a deduction in the amount of $4,000,000. Makes conforming changes with respect to the generation-skipping transfer tax. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesIncreases estate tax exemption to $4M, reducing state revenue from high-value estates, creating tax break for wealthy individuals.92% confidence

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in committee · Illinois · House Mar 21, 2025

HB 1639: USE/OCC TX-EXEMPT DAY CARE

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that certain supplies purchased by a day care center are exempt from the taxes imposed under those Acts. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill exempts day care center supplies from state taxes, reducing tax revenue and weakening state budget without offsetting funding.95% confidence

Sub-Topics Sales Tax

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in committee · Illinois · Senate May 22, 2026

SB 2095: PROP TX-GENERAL HOMESTEAD

Amends the Property Tax Code. Provides that, for taxable year 2025, the maximum reduction for the general homestead exemption shall be $10,000 in all counties. Provides that, for taxable years 2026 and thereafter, the maximum reduction for the general homestead exemption in all counties shall be the maximum reduction for the immediately preceding taxable year, increased by the lesser of (i) 5% or (ii) the percentage increase in the Consumer Price Index during the 12-month period ending on September 30 of the immediately preceding taxable year. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill caps homestead exemption tax reduction at $10k, restricting potential tax relief for homeowners and limiting annual increases to 5% or CPI, weakening tax benefits.85% confidence

Sub-Topics Property Tax

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