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.
Amends the Enterprise Zone Act. Provides that certain credits related to high impact businesses do not apply on or after the effective date of the amendatory Act. Amends the Illinois Income Tax Act. Provides that a construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Provides that a high impact business construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Makes changes concerning the business interest deduction. Creates an addition modification for the federal deduction for domestic research or experimental expenditures. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Makes changes concerning incentives for biodiesel, renewable diesel, and biodiesel blends. Makes other changes.
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. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois Provides that the Department of Commerce and Economic Opportunity shall develop a child care assistance program that includes child care subsidies and has benchmarks for limiting co-payments, by the year 2030, to no more than 7% of a family's income. Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2027, the corporate income tax rate shall be 9% (currently, 7%). Effective immediately
Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to any overtime wages paid to the taxpayer during the taxable year. Effective immediately.
Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that prescription medicines and products classified as Class III medical devices by the United States Food and Drug Administration that are used for cancer treatment pursuant to a prescription are exempt from the tax under the Acts. Amends the Illinois Income Tax Act. Increases the amount deposited into the Local Government Distributive Fund to: (i) 7.47% of the net revenue realized from the tax imposed upon individuals, trusts, estates, and pass-through entities; and (ii) 7.85% of the net revenue realized from the tax imposed upon corporations. Effective July 1, 2026.
Amends Illinois Income Tax Act. Creates a legacy tax credit for businesses that are headquartered in the State. Creates an employee tax credit and a collective bargaining employee tax credit. Effective immediately.
