Budget & Taxes

Makes appropriations for the ordinary and contingent expenses of the Governor's Office of Management and Budget for the fiscal year beginning July 1, 2025, as follows: General Funds $4,800,000; Other State Funds $639,463,400; Total $644,263,400.

Appropriates $6,100,000 from the General Revenue Fund to the Department of Agriculture for costs associated with the Crop Insurance Rebate Initiative to provide incentives for at least 1,000,000 acres of eligible land. Effective July 1, 2025.

Appropriates $6,000,000 to the Illinois State University for the purpose of the Special Education Teacher Tuition Waiver Program. Effective July 1, 2025.

Provides that the amendatory Act may be referred to as the Land Conservation Incentives Act. Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2025, there is a tax credit of up to $200,000 with respect to qualified real property interest conveyed for conservation and preservation purposes as the qualified donation by the taxpayer, with certain requirements. Provides that any taxpayer claiming this tax credit may not claim a credit under any similar law for costs related to the same project. Provides that any tax credits from the donation of an interest in land made by a pass-through tax entity such as a trust, estate, partnership, limited liability corporation or partnership, limited partnership, S corporation, or other fiduciary shall be used either by such entity if it is the taxpayer on behalf of such entity or by the member, manager, partner, shareholder, or beneficiary, as the case may be, in proportion to their interest in such entity if the income, deductions, and tax liability passes through such entity to such member, manager, partner, shareholder, or beneficiary, and that such tax credits may not be claimed by both the entity and the member, manager, partner, shareholder, or beneficiary for the same donation. Requires the Department of Natural Resources and Department of Revenue to adopt rules. Defines terms. Makes findings.

Creates the Inclusive Venture Investment Act. Provides that the State Treasurer shall create a Direct Matching Funds Program. Provides that the purpose of the program shall be to leverage State-managed funds for investments in minority-owned venture capital firms, minority-owned financial managers, and minority-led startups. Sets forth provisions for investment requirements and incentives; administration; transparency and reporting; oversight and compliance; confidentiality; and rulemaking. Effective July 1, 2026.

Makes appropriations for the ordinary and contingent expenses of the Court of Claims for the fiscal year beginning July 1, 2025. Effective July 1, 2025.

Makes appropriations for the ordinary and contingent expenses of the Department of Agriculture for the fiscal year beginning July 1, 2025, as follows: General Funds $38,190,000; Other State Funds $114,383,700; Federal Funds $79,525,300; Total $232,099,000.

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the foster care expenses, not to exceed $1,000 in any taxable year, paid or incurred by the taxpayer with respect to a qualified dependent child. Provides that the credit may be prorated. Effective immediately.

Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to the capital gains realized by the taxpayer from the taking of property by eminent domain to the extent that those gains are included in the taxpayer's federal taxable income. Effective immediately.

Amends the Fox Waterway Agency Act. Removes language providing that the Fox Waterway Agency shall not have the authority to impose any property tax. Allows the board of directors to levy and collect a general property tax on any property within the corporate limits of the Agency for the purpose of paying the cost of operating and maintaining the waterway and any other corporate expenses of the Agency.