Budget & Taxes (Income Tax)

in committee · Illinois · House Mar 21, 2025

HB 3324: INC TX-WAGERING LOSSES

Amends the Illinois Income Tax Act. Creates an income tax deduction in an amount equal to the taxpayer's losses from certain wagering transactions. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates tax deduction for wagering losses, reducing state tax revenue and weakening the tax base, opposing fiscal strengthening.90% confidence

Sub-Topics Income Tax

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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 · Senate May 6, 2025

SR 114: PROGRESSIVE INCOME TAX-OPPOSE

Opposes a progressive income tax in Illinois. Opposes the reconsideration by the Illinois General Assembly of any constitutional amendment intended to change the flat-rate income tax language of subsection (a) of Section 3 of Article IX of the Constitution of Illinois.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill explicitly opposes implementing a progressive income tax and any constitutional change to the flat-rate system, directly restricting tax structure reform.95% confidence

Sub-Topics Income Tax

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in committee · Illinois · House Aug 6, 2026

HR 112: NO TAXES ON RETIREMENT INCOME

HR 112 is a resolution that expresses the belief that the Illinois Income Tax Act should not be amended to permit the taxation of retirement income. It advocates against any future changes that would allow the state to tax the income of retirees in Illinois.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill explicitly opposes taxing retirement income, preventing potential tax increases on retirees, aligning with 'oppose' indicators for restricting tax changes.95% confidence

Sub-Topics Income Tax

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