INC TX-NEW BUSINESSES
Summary
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 3, 2025
Last action Mar 21, 2025
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
1
Committee
4
Mar 21, 2025
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Feb 25, 2025
Lower · Passed
To Income Tax Subcommittee
lower
Feb 4, 2025
Committee
Assigned to Revenue & Finance Committee
lower
Jan 9, 2025
Committee
Referred to Rules Committee
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Jed Davis
RRepublican
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