Amends the Illinois Income Tax Act. Provides that a limitation on carryover deductions for corporations applies for taxable years ending on or after December 31, 2024 and prior to December 31, 2025 (currently, December 31, 2027). Amends the Business Corporation Act of 1983. Provides that no franchise tax shall be imposed on foreign or domestic corporations on or after January 1, 2026, and repeals those provisions on January 1, 2027. 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 Gas Use Tax Law. Exempts certain business enterprises from taxation under the Act. Amends the Gas Revenue Tax Act. Provides that the definition of "gross receipts" does not include consideration received from certain business enterprises. Amends the Electricity Excise Tax Law. Provides that the tax under the Act is not imposed with respect to any use by the purchaser in the process of manufacturing or assembling tangible personal property for wholesale or for retail sale or lease. Effective immediately.
Urges the elimination of all first-year business fees relating to any license or registration for any new business or person establishing a new business, including home-based businesses, whose principal place of business is in this State.
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.
Creates the Reducing Barriers to Start Act. Beginning January 1, 2026, this State shall encourage the elimination of all first-year business fees relating to any license or registration for any new business or person establishing a new business, including home-based businesses, whose principal place of business is in this State.
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.
