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.
Amends the Illinois Income Tax Act. Creates a deduction for 100% of the income of a qualified new business. Provides that the term "qualified new business' means a business that has its principal place of business in the State and first begins operating in the State during the taxable year. Effective immediately.
Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.
Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.
SB 2716 amends the Illinois Income Tax Act to establish the pass-through entity (PTE) tax on a permanent basis. This means that businesses structured as pass-through entities in Illinois, such as partnerships and S-corporations, will continue to be subject to this state-level tax without an expiration date. The bill ensures that this tax remains an ongoing part of the state's tax code.
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 20% of the qualified conversion expenditures incurred by a taxpayer for a qualified converted building. Effective immediately.
Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Reduces the rate of tax on diapers and baby wipes to 1% (currently, 6.25%). Makes various formatting changes.
Respectfully urges the Governor of the State of Illinois not to decouple Illinois' tax policy from the federal tax changes contained in H.R. 1. Respectfully urges the governor to pursue his publicly stated preferred method of balancing the State's budget by pursuing pro-growth policies by continuing to align Illinois' tax code with Internal Revenue Code to prevent an unnecessary tax increase on the job creators of our State and to ensure simplicity, fairness, and competitiveness for all Illinois taxpayers.
Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.
