Amends the Counties Code. Provides that, beginning July 1, 2026, each State's Attorney whose term begins after July 1, 2026 shall be compensated at the rate of 100% of the mean of the amount paid to the resident circuit judges in the county courthouse for the State's Attorney.. Provides that the State shall furnish 66 2/3% of the total annual compensation to be paid to each State's Attorney in the State based on the salary in effect on December 31, 1988, and 100% of the increases in salary taking effect after December 31, 1988. Provides that the amount shall be paid from the Personal Property Tax Replacement Fund. Provides that the county shall be responsible for the State and federal income tax reporting and withholding and the employer contributions under the Illinois Pension Code.
Creates the Short Line Railroad Modernization Act. Creates an income tax credit for taxpayers that incur qualified railroad expenditures or qualified new rail infrastructure expenditures. Sets forth the amount of the credit and limitations on the amount of the credit that may be awarded. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
Creates the Extremely High Wealth Mark-to-Market Tax Act. Provides that a resident taxpayer with net assets worth $1,000,000,000 or more shall recognize gains or losses as if each asset owned by that taxpayer had been sold for its fair market value on December 31 of the taxable year. Contains provisions concerning the calculation of the amount of tax due from those gains or losses. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
This bill makes Illinois' residential property tax credit refundable starting in 2026. It directly affects homeowners who claim the credit by allowing them to receive a cash refund if the credit amount exceeds their income tax liability. The key change is that taxpayers will get the excess credit amount paid back to them as a refund, rather than only reducing their tax bill. This refund won't count as income for means-tested programs (like food assistance), unless federal law requires otherwise. The change applies to tax years beginning January 1, 2026, and updates the existing credit structure under the Illinois Income Tax Act.
Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who are employed as an early childhood teacher or an early childhood assistant during the taxable year and who have a federal adjusted gross income for the taxable year of $75,000 or less. Provides that, for taxable years beginning on January 1, 2026 and beginning before January 1, 2027, the amount of the credit is $1,000. Provides that, for subsequent taxable years, the credit amount shall be adjusted by the percentage increase, if any, in the Consumer Price Index for the preceding calendar year. Effective immediately.
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.
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.
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.
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.
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.
