Amends the Senior Citizens and Persons with Disabilities Property Tax Relief Act. In a provision setting forth the specified household income eligibility limits used to determine eligibility for reduced vehicle registration fees and free transit services, provides that the Department on Aging shall (rather than may) adopt rules such that on January 1, 2026, and thereafter, the specified household income eligibility limits shall be changed to reflect the annual cost of living adjustment in Social Security and Supplemental Security Income benefits. Effective immediately.
Amends the Property Tax Code. Allows for an abatement of taxes if the property is included in a new residential construction development that is located in a county with fewer than 300,000 inhabitants. Effective immediately.
Amends the Cannabis Regulation and Tax Act. Provides that, in addition to other grounds specified in this Act, the Department of Agriculture, upon notification by a county of a cultivation center's failure to pay all or part of any property tax or penalty due to the reporting county, shall refuse the issuance or renewal of a license, or suspend or revoke the license of the cultivation center. Effective immediately.
Proposes to amend the Finance Article of the Illinois Constitution. Provides that the General Assembly shall pass a balanced budget that makes appropriations based on funds estimated to be available by the Commission on Government Forecasting and Accountability. Effective upon being declared adopted.
Amends the Illinois Income Tax Act. Creates a deduction for amounts that are disallowed as a deduction on the taxpayer's federal income tax return because of the $10,000 limitation under the federal Internal Revenue Code on deductions for certain State and local taxes. Effective immediately.
Amends the School Code. Provides that the State Board of Education shall establish and administer a program to award property tax relief grants to school districts in this State. Provides that, in exchange for receiving a grant, a school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed an adjusted maximum aggregate property tax extension for that taxable year. Creates the Education Property Tax Relief Fund as a special fund in the State treasury for the purpose of awarding grants. Sets forth provisions concerning the Education Property Tax Relief Fund. Amends the State Finance Act to make conforming changes. Effective immediately.
HB 2605 increases Illinois' standard income tax exemption for individual taxpayers from $2,050 to $150,000, effective immediately. This change directly affects individual Illinois residents by raising the income threshold before state income tax applies. The bill amends Section 204 of the Illinois Income Tax Act, specifically updating the "basic amount" provision in subsection (b)(8) for taxable years ending after December 31, 2025. This represents a significant policy shift from the prior $2,050 standard, reducing the tax burden for many middle- and lower-income earners.
Amends the Use Tax Act, the Retailers' Occupation Tax Act, and the State Finance Act. Provides for a sales tax holiday on school supplies during the first 7 days of August of each calendar year. Effective immediately.
Amends the Illinois Income Tax Act. Creates a deduction for the full amount of union dues paid by the taxpayer during the taxable year if the taxpayer was not allowed a federal deduction under the Internal Revenue Code. Provides that, if any amount of union dues representing federal miscellaneous itemized deductions was allowed as a federal deduction, then the amount allowed as an Illinois deduction shall be a specified percentage of the union dues disallowed under the Internal Revenue Code. Provides that the deduction is exempt from the Act's automatic sunset provision. Effective immediately.
Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Creates the State Empowerment Task Force. Provides that the State Empowerment Task Force shall study methods by which the State may retain moneys that are otherwise due to the federal government if the federal government impounds or withholds moneys appropriated by Congress to the State. Sets forth the membership of the Task Force. Effective immediately.
