Budget & Taxes

in committee · Illinois · Senate Feb 4, 2025

SB 1526: PROP TX-ENERGY STORAGE

Amends the Property Tax Code. Provides that the fair cash value of commercial energy storage system improvements in counties with fewer than 3,000,000 inhabitants shall be determined by subtracting the allowance for physical depreciation from the commercial energy storage system trended real property cost basis. Provides that those commercial energy storage systems are not subject to equalization factors applied by the Department of Revenue or by any board of review, assessor, or chief county assessment officer. Provides that the owner of the commercial energy storage system shall commission a metes and bounds survey description of the land upon which the commercial energy storage system is located. Contains other provisions concerning the assessment of commercial energy storage systems. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill reduces taxable value of commercial energy storage systems via property tax code amendment, providing direct tax relief for businesses in qualifying counties.92% confidence ✓ EnergySupports EnergyTax exemption for commercial energy storage systems reduces costs, promoting renewable energy infrastructure adoption by incentivizing investment in storage technology.95% confidence

Sub-Topics Property Tax Energy Storage

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in committee · Illinois · House Jan 28, 2025

HB 1342: INVEST IN KIDS-REENACT

HB 1342 makes Illinois' Invest in Kids tax credit program permanent, allowing Illinois taxpayers to claim credits for donations to approved scholarship organizations. The program provides scholarships to low-income students (from families earning under 300% of the federal poverty level) attending non-public schools in Illinois, covering necessary school costs like tuition and fees. Taxpayers receive a credit equal to their contribution amount, with scholarship grants capped at the school's required costs. The bill permanently amends the Illinois Income Tax Act to implement this education funding mechanism, effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credits for donations funding scholarships for low-income students, advancing education funding through tax incentives.90% confidence ✓ EducationSupports EducationPermanently expands educational access for low-income K-12 students via tax-credit-funded scholarships to non-public schools, increasing funding opportunities.95% confidence

Sub-Topics School Choice Student Financial Aid

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in committee · Illinois · Senate May 22, 2026

SB 62: BUILD ILLINOIS HOMES ACT

Creates the Build Illinois Homes Tax Credit Act. Provides that owners of qualified low-income housing developments are eligible for credits against the taxes imposed by the Illinois Income Tax Act or taxes, penalties, fees, charges, and payments imposed by the Illinois Insurance Code. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credits for low-income housing developers, reducing tax burden and promoting affordable housing initiatives under Illinois tax policy.95% confidence ✓ HousingSupports HousingProvides tax credits for low-income housing development, incentivizing affordable housing construction under the Build Illinois Homes Act.95% confidence

Sub-Topics Affordable Housing Housing Finance

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in committee · Illinois · House Aug 14, 2025

HB 3724: PROP TX-GENERAL HOMESTEAD

Amends the Property Tax Code. Provides that, beginning with the 2026 tax year (to be collected in 2027), the total tax bill for property receiving the General Homestead Exemption may not exceed 103% of the total property tax bill for the property for the immediately preceding taxable year. Contains provisions concerning the reallocation of property tax liability.

Topics ✓ Budget & TaxesSupports Budget & TaxesCaps annual property tax increases for homestead exemptions, providing relief to homeowners by limiting annual tax bill growth to 103% of prior year.92% confidence

Sub-Topics Property Tax

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in committee · Illinois · House Jan 28, 2025

HJR 2: COMMISSION ON FISCAL REFORM

Urges the creation via legislation of the Illinois Commission on Fiscal Responsibility and Reform, whose purpose shall be to examine the extent to which current practices of the executive agencies either conform to or fall short of established laws, regulations and best practices, and to determine the fiscal impact which the State realizes as a result of falling short of compliance with such practices.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates commission to examine fiscal compliance and promote fiscal responsibility, directly aligning with 'promotes fiscal responsibility' indicator.95% confidence

Sub-Topics Audits & Accountability State Budget

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in committee · Illinois · House Jan 28, 2025

HB 1637: MOTOR FUEL-NO CPI INCREASE

Amends the Motor Fuel Tax Law. Provides that an increase in the rate of tax based on the change in the Consumer Price Index shall not occur from July 1, 2025 until July 1, 2027. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesPrevents automatic motor fuel tax increase tied to inflation, providing temporary tax relief for consumers and businesses.95% confidence ✗ TransportationOpposes TransportationFreezes motor fuel tax CPI adjustments, restricting potential transportation infrastructure funding increases during 2025-2027.85% confidence

Sub-Topics Transportation Funding

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in committee · Illinois · Senate Jun 2, 2025

SB 240: PRESERVATION TAX CREDIT

Amends the Historic Preservation Tax Credit Act. Provides that, in calendar years beginning on or after January 1, 2026 and ending on or before December 31, 2028, the State Historic Preservation Office within the Department of Natural Resources may allocate $75,000,000 (currently, $25,000,000) in credits under the Act. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit allocation from $25M to $75M for historic preservation, directly funding a public program via tax incentives.95% confidence

Sub-Topics Tax Credits Tax Incentives

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in committee · Illinois · House Apr 17, 2026

HB 1790: INC TX-FIREARM SAFETY

HB 1790 creates a state income tax credit for Illinois taxpayers who purchase qualifying firearm safety devices (like gun safes, lock boxes, or cases) from federally licensed dealers. The credit allows a nonrefundable deduction of up to $300 per taxpayer annually for eligible purchases made between 2026 and 2031, with a total annual limit of $5 million across all taxpayers. Unused credits can be carried forward for up to five years to offset future tax liability. This policy directly affects Illinois residents buying these safety devices, aiming to reduce their out-of-pocket costs through tax relief.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates a state income tax credit (tax relief) for firearm safety device purchases, directly impacting taxation policy with a $5M annual cap.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Illinois · Senate Feb 25, 2025

SB 2602: $STATE TREASURER

SB 2602 is an appropriations bill that allocates specific funds to the Illinois State Treasurer's office for designated purposes. It directs $17.2 million from the Treasurer's Administrative Fund for operational expenses, $1 million for tax case interest refunds, $26.2 million from the State Pensions Fund for operations, and over $3.7 billion from the General Obligation Bond Retirement Fund to cover principal and interest on state bonds. Additional allocations include $1 million for arbitrage rebates, $1 million for charitable trust administration, and $500,000 for building maintenance. The bill takes effect July 1, 2025, and solely authorizes funding without creating new policy or directly affecting residents.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $3.7B+ for bond payments and tax refunds, ensuring fiscal responsibility and operational funding - directly advances budget management and tax administration.95% confidence

Sub-Topics Debt & Bonds State Budget

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in committee · Illinois · Senate May 22, 2026

SB 2097: INC TX-ADOPTION

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates income tax credit for foster care expenses, providing tax relief to lower-income families. Directly modifies tax policy to reduce liability.95% confidence

Sub-Topics Income Tax Tax Credits

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