Budget & Taxes

in committee · Illinois · House Feb 6, 2025

HB 2608: INC TX-REDUCE INDIVIDUAL RATE

Amends the Illinois Income Tax Act. Reduces the rate of tax on individuals, trusts, estates, and certain pass-through entities from 4.95% to 3.75%. Reduces the rate of tax on corporations from 7% to 6%. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces individual and corporate tax rates, weakening state revenue collection and fiscal management.95% confidence

Sub-Topics Business Taxes

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in committee · Illinois · House Feb 6, 2025

HB 2609: INC TX-REDUCE CORPORATE RATE

HB 2609 reduces Illinois' corporate income tax rate from 7% to 5.5% for taxable years beginning on or after January 1, 2025. This bill directly affects corporations operating in Illinois that pay state income tax, lowering their tax burden. The key provision amends Section 201 of the Illinois Income Tax Act to establish the new 5.5% rate, replacing the current 7% rate for qualifying tax years. The change takes effect for corporations filing taxes on income earned in 2025 and beyond.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces corporate tax rate from 7% to 5.5%, creating tax break for corporations (wealthy), matching 'oppose' indicator of tax breaks for wealthy.90% confidence

Sub-Topics Business Taxes

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in committee · Illinois · Senate Jun 2, 2025

SB 2276: REVENUE-VARIOUS

Amends the Illinois Income Tax Act. Provides that a limitation on carryover deductions for corporations applies for taxable years ending on or after December 31, 2024 and prior to December 31, 2025 (currently, December 31, 2027). Amends the Business Corporation Act of 1983. Provides that no franchise tax shall be imposed on foreign or domestic corporations on or after January 1, 2026, and repeals those provisions on January 1, 2027. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRemoves franchise tax for corporations (2026-2027), reducing corporate tax burden and government revenue. Direct tax cut for businesses.95% confidence

Sub-Topics Business Taxes

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in committee · Illinois · House Feb 18, 2025

HB 3150: USE/OCC TAX-VENDOR DISCOUNT

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers' Occupation Tax Act, and the Prepaid Wireless 9-1-1 Surcharge Act. Provides that provisions limiting the vendor's discount to $1,000 per month do not apply on and after the effective date of the amendatory Act.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill removes $1,000 vendor discount cap, reducing state tax revenue and weakening fiscal management under Budget & Taxes.85% confidence

Sub-Topics Fees & Licensing Sales Tax

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in committee · Illinois · Senate Feb 7, 2025

SB 2360: MOTOR FUEL-CPI ADJUSTMENT

SB 2360 cancels a scheduled July 1, 2025 increase to Illinois' motor fuel tax that would have been calculated using the Consumer Price Index (CPI). This bill directly affects all drivers and businesses selling motor fuel in Illinois by preventing a price hike tied to inflation. The key mechanism is a specific amendment to the Motor Fuel Tax Law that explicitly states the 2025 CPI-based tax adjustment "shall not occur," effective immediately upon enactment.

Topics ✗ Budget & TaxesOpposes Budget & TaxesPrevents a CPI-based motor fuel tax increase, directly opposing a tax hike mechanism. Explicitly states adjustment 'shall not occur'.95% confidence

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in committee · Illinois · House Feb 18, 2025

HB 3776: INC TX-NOL LIMITATION

Amends the Illinois Income Tax Act. Removes a provision providing that no carryover deduction shall exceed $500,000 for any taxable year ending on or after December 31, 2024 and prior to December 31, 2027. Provides that the limitation is inapplicable for all tax years ending on or after December 31, 2024. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRemoves $500k NOL carryover limit, creating tax break for businesses (wealthy entities), reducing state tax revenue and weakening fiscal management.90% confidence

Sub-Topics Income Tax

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in committee · Illinois · House Jan 6, 2026

HB 1733: ESTATE TAX INFLATION FIX

Specifies that the amendatory Act may be referred to as the Estate Tax Threshold Fix Law. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2026 and prior to January 1, 2028, the exclusion amount shall be the applicable exclusion amount calculated under the Internal Revenue Code (currently, the exclusion amount for Illinois estate tax purposes is $4,000,000). Provides that, for persons dying on or after January 1, 2026, the exclusion amount shall be the greater of (i) the applicable exclusion amount calculated under the Internal Revenue Code or (ii) the exclusion amount amount that would have been calculated under the Internal Revenue Code if the decedent had died in calendar year 2027. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesIncreases estate tax exclusion, reducing state revenue through tax break for wealthy estates.90% confidence

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in committee · Illinois · House Mar 27, 2026

HB 2789: PROP TX-MEGA PROJECT

Amends the Property Tax Code. Provides that property certified by the Department of Revenue as mega project property is eligible for an assessment freeze. Provides that, if property is certified as mega project property, then, during the incentive period, the value added to the property by the project shall not be considered for assessment purposes, and the total valuation of the property during the incentive period shall be limited to the base year valuation. Provides that "mega project" means a project that satisfies certain minimum investment, investment period, and other requirements. Contains provisions concerning incentive agreements between a company that plans to undertake a mega project and a local municipality obligating the company to make special payments in addition to property taxes. Effective June 1, 2025.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill provides property tax assessment freeze for mega projects, reducing state revenue by exempting project value increases. Creates tax breaks for large businesses, aligning with 'oppose' indicators.90% confidence

Sub-Topics Property Tax Tax Incentives

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in committee · Illinois · House May 21, 2026

HB 4200: 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. Provides that the list shall be published on the State Board of Education's Internet website. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesEnables tax credits for school choice, reducing state tax revenue and defunding public education programs through redirected funds.90% confidence ✓ EducationSupports EducationBill establishes tax credit scholarships for school choice, expanding educational access options per its title and summary.85% confidence

Sub-Topics School Choice Student Financial Aid

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in committee · Illinois · Senate Jun 1, 2026

SB 1340: MANUFACTURING-ENERGY-EXEMPTION

Amends the Gas Use Tax Law. Exempts certain business enterprises from taxation under the Act. Amends the Gas Revenue Tax Act. Provides that the definition of "gross receipts" does not include consideration received from certain business enterprises. Amends the Electricity Excise Tax Law. Provides that the tax under the Act is not imposed with respect to any use by the purchaser in the process of manufacturing or assembling tangible personal property for wholesale or for retail sale or lease. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesExempts businesses from taxes, reducing state revenue under Gas Use Tax Law and Electricity Excise Tax Law.90% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives

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