Budget & Taxes

in committee · Illinois · House May 13, 2026

HB 4923: DISTRESSED FARMERS ACT

Creates the Distressed Farmers Act. Provides that the Department of Agriculture shall fund and administer programs to address the needs of distressed farmers. Amends The Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2026, each taxpayer who is a distressed farmer and who incurs qualified farming expenses during the taxable year is entitled to a tax credit in an amount equal to 100% of those qualified farming expenses, not to exceed $50,000 per taxpayer in any taxable year. Provides that qualified farming expenses include: (1) repairing tractors, trailers, and other vehicles; (2) purchasing, repairing, or constructing greenhouses and other covers for agricultural products; (3) purchasing tractors with tillers and other attachments; and (4) planting or harvesting food that will be delivered to an underserved community.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 100% tax credit for distressed farmers' qualified expenses, reducing tax burden and supporting agricultural sector through targeted tax relief.90% confidence

Sub-Topics Income Tax Procurement Tax Credits

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in committee · Illinois · House Feb 10, 2026

HB 5245: PROP TAX-SENIORS LEVEL BILLING

Amends the Property Tax Code. Provides that, with regard to all applicants who meet the household income and other qualifications set forth for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption, and notwithstanding any other law, for property tax bills prepared for tax year 2026 and thereafter, the county collector shall bill the eligible household an amount that shall not exceed the property tax bill for the same household for the prior tax year. Provides an exception to the level tax billing privilege when an assessed improvement is made by the owner or occupant of the real property. Provides that eligibility for level property tax billing is contingent upon the household's continuing eligibility for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides property tax freeze for qualifying low-income seniors, preventing annual increases, aligning with tax relief for lower-income groups.90% confidence

Sub-Topics Property Tax

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in committee · Illinois · House Feb 10, 2026

HB 5017: INC TX-RATES

Amends the Illinois Income Tax Act. Provides that the rate of tax on individuals, trusts, and estates shall be (i) 4.5667% of the taxpayer's net income for taxable years beginning on or after January 1, 2026 and ending before January 1, 2027, (ii) 4.1833% of the taxpayer's net income for taxable years beginning on or after January 1, 2027 and ending before January 1, 2028, and (iii) 3.8% of the taxpayer's net income for taxable years beginning on or after January 1, 2028 (currently, 4.95%). Provides that the rate of tax for corporations is (i) 6.3% of the taxpayer's net income for taxable years beginning on or after January 1, 2026 and ending before January 1, 2027, (ii) 5.6% of the taxpayer's net income for taxable years beginning on or after January 1, 2027 and ending before January 1, 2028, and (iii) 4.9% of the taxpayer's net income for taxable years beginning on or after January 1, 2028. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill reduces income tax rates from 4.95% to 3.8% over 2026-2028, providing tax relief per support indicators.90% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Illinois · House May 7, 2026

HB 5550: TRUTH IN TAX-REVENUE RATE

Amends the Truth in Taxation Law in the Property Tax Code. Provides that the notice and hearing requirements apply if the taxing district proposes to extend a tax rate against all taxable property in the district that exceeds the revenue neutral rate. Provides that the term "revenue neutral rate" means an aggregate tax rate for the taxing district that would generate the same amount of property tax revenue as was levied by the taxing district in the previous tax year using the current tax year's total assessed valuation of all property in the taxing district. Makes changes concerning notice provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill enforces transparency for tax rate hikes above revenue neutral levels, promoting fiscal accountability and taxpayer protection under Budget & Taxes.85% confidence

Sub-Topics Property Tax Revenue

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in committee · Illinois · Senate Jul 9, 2026

SB 3959: INC TX-WELCOME HOME CREDIT

Amends the Illinois Income Tax Act. Creates the Welcome Home Illinois tax credit. Provides that each taxpayer who is a first-time homebuyer of a principal residence in the State during the taxable year is entitled to an income tax credit in an amount equal to $500. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates $500 tax credit for first-time homebuyers, providing direct tax relief to middle-income residents per Illinois Income Tax Act amendment.95% confidence ✓ HousingSupports HousingProvides $500 tax credit for first-time homebuyers, directly advancing affordable housing access through financial incentive.90% confidence

Sub-Topics Income Tax Tax Credits Homeownership

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in committee · Illinois · Senate May 1, 2026

SB 4139: $FY27 ISBE OCE

Makes appropriations for the ordinary and contingent expenses of the Illinois State Board of Education for the fiscal year beginning July 1, 2026, as follows: General Funds $10,720,733,500; Other State Funds $93,575,900; Federal Funds $4,398,349,500; Total $15,212,658,900.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $15.2B in state/federal funds to Illinois State Board of Education for fiscal year 2027, directly funding essential public education services.95% confidence ✓ EducationSupports EducationBill allocates $15.2B in state/federal funds to Illinois State Board of Education for FY27, directly funding K-12 operations and educational expenses.95% confidence

Sub-Topics Appropriations State Budget

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in committee · Illinois · House Mar 27, 2026

HB 4869: INC TX-LOCAL MEDIA

Amends the Illinois Income Tax Act. Provides that a qualified small business may apply to the Department of Commerce and Economic Opportunity for an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for qualified advertising with a local news organization. Provides that the credit may not exceed $2,500 per eligible taxpayer in any taxable year. Provides that the aggregate amount of all tax credits awarded by the Department under the amendatory Act in any calendar year may not exceed $3,000,000. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit for small businesses on local media advertising, reducing taxable income and supporting local news funding through fiscal relief.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Illinois · Senate Mar 4, 2026

SB 3986: MOTOR FUEL-CPI ADJUSTMENT

SB 3986 stops a scheduled July 1, 2026 increase to Illinois' motor fuel tax that would have been triggered by the Consumer Price Index (CPI). This bill directly affects motor fuel retailers and consumers by preventing a tax hike that would have automatically occurred based on inflation. The key provision amends the Motor Fuel Tax Law to specifically exclude the July 1, 2026 CPI adjustment, effective immediately upon enactment. The change halts an automatic annual tax increase mechanism tied to inflation data.

Topics ✓ Budget & TaxesSupports Budget & TaxesPrevents a scheduled motor fuel tax increase, providing tax relief to consumers and retailers by halting an automatic inflation-linked hike.95% confidence ✗ TransportationOpposes TransportationBill halts automatic motor fuel tax increase tied to CPI, preventing additional transportation infrastructure funding. Directly restricts revenue stream for transportation projects.92% confidence

Sub-Topics Transportation Funding

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in committee · Illinois · Senate Jul 13, 2026

SB 3848: INC TX-INSURANCE DEDUCTION

Amends the Illinois Income Tax Act. Creates an income tax deduction in an amount equal to the difference between (i) the homeowner's insurance premiums paid on the taxpayer's principal residence during the calendar year that begins during the taxable year for which the deduction is claimed and (ii) the homeowner's insurance premiums paid on the taxpayer's principal residence during the immediately preceding calendar year. Provides that the deduction applies only if the taxpayer has the same principal residence for the entirety of the current taxable year and the immediately preceding taxable year. Provides that, if 2 or more taxpayers are liable for the payment of homeowner's insurance on the same residence during a taxable year, only one such taxpayer may claim a deduction for that single property. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates a tax deduction reducing taxable income for homeowners with rising insurance premiums, providing direct tax relief under Illinois Income Tax Act.90% confidence

Sub-Topics Income Tax

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in committee · Illinois · Senate Feb 25, 2026

SB 4087: $FY27 BOARD OF ELECTIONS

Appropriates $37,204,600 from the General Revenue Fund to the State Board of Elections for operational expenses, grants, and reimbursements for the 2027 fiscal year. Appropriates $1,000,000 from the Elections Special Projects Fund to the State Board of Elections for operational expenses, grants, and reimbursements. Appropriates $4,973,500 from the Personal Property Tax Replacement Fund to the State Board of Elections for its ordinary and contingent expenses. Appropriates $11,661,100 from the Help Illinois Vote Fund to the State Board of Elections for implementation of the Help America Vote Act of 2002. Effective July 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesAppropriates $54.8M from state funds to fund State Board of Elections operations, directly advancing budget allocation for essential government services.95% confidence

Sub-Topics Appropriations Property Tax State Budget

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