Budget & Taxes (Tax Incentives)

in committee · Illinois · House Mar 21, 2025

HB 1372: SMALL BUSINESS INCENTIVES

Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2026 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill mandates 50% of state economic incentives target small businesses (≤50 employees), directing budget allocations to support small business growth and fiscal responsibility.90% confidence

Sub-Topics Business Taxes Tax Incentives Tags Economic Development Small Business

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in committee · Illinois · Senate Jun 2, 2025

SB 2005: SMALL BUSINESS INCENTIVES

Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2026 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill mandates 50% of state economic incentives for small businesses (50+ employees), directing budget allocation toward small business support, aligning with fiscal management.90% confidence

Sub-Topics Business Taxes Tax Incentives Tags Small Business

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in committee · Illinois · Senate Jun 2, 2025

SB 1178: INC TX-BROWNFIELD

Amends the Illinois Income Tax Act. Creates an income tax credit for developers that invest in a qualified project redeveloping a brownfield or grayfield. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates an exemption for tangible personal property that is purchased by a developer who has been awarded a certificate of exemption by the Department of Commerce and Economic Opportunity and that is used to rehabilitate brownfield or grayfield property. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates income tax credit and property exemptions for brownfield redevelopment, providing tax relief to developers. Direct tax incentive supporting economic development and fiscal policy.95% confidence ✓ EnvironmentSupports EnvironmentBill provides tax credits for redeveloping brownfield sites (contaminated properties), promoting environmental cleanup and remediation of polluted land, directly advancing pollution control and site restoration.95% confidence ✓ HousingSupports HousingTax credit incentivizes brownfield redevelopment, directly advancing housing development through developer funding and property rehabilitation.85% confidence

Sub-Topics Tax Incentives Hazardous Materials Property Development

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in committee · Illinois · House Mar 21, 2025

HB 2811: EDGE WITHHOLDING-STEEL

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain taxpayers that are primarily engaged in the recycling and melting of steel products and in the manufacturing of new steel wire and rod products may elect to claim the credit under the Act against their withholding tax liability instead of their income tax liability. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill allows steel businesses to apply tax credit against withholding tax, providing targeted tax relief to support economic development under the Economic Development Tax Credit Act.90% confidence

Sub-Topics Income Tax Tax Incentives

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in committee · Illinois · House Mar 21, 2025

HB 3245: PROP TX-ABATEMENT-BLIGHT

Amends the Property Tax Code. Creates an abatement for property located in a blighted area if the owner of the property enters into an agreement with the corporate authorities of the municipality in which the property is located for the renovation, demolition, or improvement of the property. Provides that the abatement shall apply for a period of 20 years. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 20-year property tax abatement in blighted areas, reducing tax burden for property owners (tax relief).90% confidence

Sub-Topics Property Tax Tax Incentives

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in committee · Illinois · House Mar 21, 2025

HB 1093: INC TX-NEW BUSINESSES

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates 100% tax deduction for new Illinois businesses, reducing taxable income and providing direct tax relief to stimulate business growth and economic development.95% confidence

Sub-Topics Business Taxes Tax Incentives

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in committee · Illinois · House Mar 27, 2026

HB 4113: EDGE-APPRENTICE

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that, in the case of a credit awarded under the Act for the employment of an apprentice, any requirement of the Act or any agreement entered into under the Act concerning the duration of the apprentice's employment may be satisfied by the employment of the apprentice by the apprenticeship firm, the employment of the apprentice by the commercial client served by the apprenticeship firm, or both. Provides that any worksite requirement imposed under the Act or under any agreement entered into under the Act may be satisfied by the employment of the apprentice at the hiring firm's worksite, the employment of the apprentice at the commercial client's worksite, or both.

Topics ✓ Budget & TaxesSupports Budget & TaxesAmends tax credit act to expand eligibility for apprenticeship programs, providing tax relief to businesses through flexible employment requirements.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill expands tax credit eligibility for apprenticeships, facilitating employer participation in workforce development programs that support worker skill-building and career advancement.85% confidence

Sub-Topics Tax Incentives Apprenticeships

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in committee · Illinois · House Mar 27, 2026

HB 2592: PROP TX-CONDO ABATEMENT

Amends the Property Tax Code. Provides that any taxing district may, after the determination of the assessed valuation of its property, order the county clerk to abate any portion of its taxes on any qualified condominium property. Provides that the amount of the abatement may not exceed the special assessments imposed against the property by the condominium association during the taxable year. Provides that "qualified condominium property" means a condominium that is located in a low-income community and with respect to which the condominium association has imposed a special assessment for repairs during the taxable year. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax abatement for low-income condominium properties, reducing their tax burden per Property Tax Code amendment.92% confidence ✓ HousingSupports HousingProvides tax abatement for low-income condominiums, reducing housing costs and advancing affordability per Property Tax Code amendment.95% confidence

Sub-Topics Property Tax Tax Incentives Property Taxes

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in committee · Illinois · Senate May 22, 2026

SB 1821: PROP TX-SENIORS

Amends the Property Tax Code. In provisions concerning the low-income senior citizens assessment freeze homestead exemption, provides that the applicant's income does not include up to $10,000 per household in required minimum distributions under the Internal Revenue Code from a retirement plan, retirement account, or retirement annuity. Provides that, for taxable year 2025 and thereafter, the maximum income limitation is $75,000 for all qualified property. Amends the Senior Citizens Real Estate Tax Deferral Act. Provides that an eligible taxpayer has a household income of not more than $75,000 for tax year 2025 and thereafter (currently, $65,000 for tax years 2022 through 2025 and $55,000 for tax year 2026 and thereafter). Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesExcludes retirement income from taxable base for seniors, providing property tax relief to low-income seniors under income limits.95% confidence

Sub-Topics Property Tax Tax Incentives

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in committee · Illinois · House Mar 21, 2025

HB 2872: EDGE-PHARMACY

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain taxpayers that are primarily engaged in the business of pharmacy, health, and wellness may elect to claim the Credit under the Act against their obligation to pay over withholding taxes under the Illinois Income Tax Act.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit for pharmacy businesses under economic development act, reducing tax liability for eligible entities to promote sector growth.90% confidence

Sub-Topics Tax Incentives

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