Budget & Taxes

in committee · Illinois · Senate Jun 2, 2025

SB 240: PRESERVATION TAX CREDIT

Amends the Historic Preservation Tax Credit Act. Provides that, in calendar years beginning on or after January 1, 2026 and ending on or before December 31, 2028, the State Historic Preservation Office within the Department of Natural Resources may allocate $75,000,000 (currently, $25,000,000) in credits under the Act. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit allocation from $25M to $75M for historic preservation, directly funding a public program via tax incentives.95% confidence

Sub-Topics Tax Credits Tax Incentives

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in committee · Illinois · House Apr 17, 2026

HB 1790: INC TX-FIREARM SAFETY

HB 1790 creates a state income tax credit for Illinois taxpayers who purchase qualifying firearm safety devices (like gun safes, lock boxes, or cases) from federally licensed dealers. The credit allows a nonrefundable deduction of up to $300 per taxpayer annually for eligible purchases made between 2026 and 2031, with a total annual limit of $5 million across all taxpayers. Unused credits can be carried forward for up to five years to offset future tax liability. This policy directly affects Illinois residents buying these safety devices, aiming to reduce their out-of-pocket costs through tax relief.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates a state income tax credit (tax relief) for firearm safety device purchases, directly impacting taxation policy with a $5M annual cap.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Illinois · House Jan 9, 2025

HB 1133: REVENUE-SPENDING REDUCTION

Creates the Spending Reduction and Revenue Control Act. Provides that the General Assembly shall not pass any bill that either (i) creates new State taxes or (ii) increases existing State taxes until an appropriation bill or bills are passed that, in the aggregate, represent a reduction in the spending levels from the previous fiscal year. Provides that every State agency shall submit to the General Assembly a recommended list of spending efficiencies and budget reductions they deem necessary in order to help the General Assembly comply with the provisions of the Act. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesProhibits new/raised state taxes until spending cuts are enacted, restricting tax increases as a core provision.95% confidence

Sub-Topics Government Spending Revenue State Budget

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in committee · Illinois · Senate Feb 25, 2025

SB 2602: $STATE TREASURER

SB 2602 is an appropriations bill that allocates specific funds to the Illinois State Treasurer's office for designated purposes. It directs $17.2 million from the Treasurer's Administrative Fund for operational expenses, $1 million for tax case interest refunds, $26.2 million from the State Pensions Fund for operations, and over $3.7 billion from the General Obligation Bond Retirement Fund to cover principal and interest on state bonds. Additional allocations include $1 million for arbitrage rebates, $1 million for charitable trust administration, and $500,000 for building maintenance. The bill takes effect July 1, 2025, and solely authorizes funding without creating new policy or directly affecting residents.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $3.7B+ for bond payments and tax refunds, ensuring fiscal responsibility and operational funding - directly advances budget management and tax administration.95% confidence

Sub-Topics Debt & Bonds State Budget

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in committee · Illinois · Senate May 22, 2026

SB 2097: INC TX-ADOPTION

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the foster care expenses, not to exceed $1,000 in any taxable year, paid or incurred by the taxpayer with respect to a qualified dependent child. Provides that the credit may be prorated. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates income tax credit for foster care expenses, providing tax relief to lower-income families. Directly modifies tax policy to reduce liability.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Illinois · House Feb 25, 2025

HB 3932: $INDEPENDENT TAX TRIBUNAL

Makes appropriations for the ordinary and contingent expenses of the Illinois Independent Tax Tribunal for the fiscal year beginning July 1, 2025, as follows: General Funds $628,300; Other State Funds $82,700; Total $711,000.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $711,000 for Illinois Independent Tax Tribunal operations, directly funding a tax administration body to resolve disputes, aligning with fiscal responsibility and tax system support.95% confidence

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in committee · Illinois · House Feb 6, 2025

HB 2649: INVEST IN KIDS-REENACT

HB 2649 reenacts and makes permanent Illinois' "Invest in Kids Act," allowing taxpayers to make tax-deductible contributions to scholarship-granting organizations. These contributions fund scholarships covering "necessary costs and fees" for eligible students from low-income households (initial income ≤ 300% of federal poverty level, rising to 400% after receiving a scholarship) to attend qualified non-public schools in Illinois. The bill establishes requirements for technical academies offering career-focused CTE programs aligned with industry needs and wage standards. It amends the Illinois Income Tax Act to permanently integrate this scholarship program, effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax-deductible contributions for education scholarships, providing tax relief to donors while funding low-income student programs via private schools.90% confidence ✓ EducationSupports EducationEnables tax-deductible scholarships for low-income students to attend non-public schools, expanding educational access and funding options for K-12 education.95% confidence

Sub-Topics Career & Technical Education School Choice Student Financial Aid

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in committee · Illinois · House Feb 25, 2025

HB 3942: $DOR

Makes appropriations for the ordinary and contingent expenses of the Department of Revenue for the fiscal year beginning July 1, 2025, as follows: General Funds $53,038,700; Other State Funds $1,411,072,700; Federal Funds $500,000; Total $1,464,611,400.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $1.46B to DOR for tax administration and fiscal management, directly funding essential budget operations.90% confidence

Sub-Topics Appropriations Revenue State Budget

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in committee · Illinois · Senate Jun 2, 2025

SB 1673: USE/OCC TAX-HOLIDAY

Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, from August 6, 2025 through August 8, 2025, and from August 13, 2025 through August 15, 2025, the tax imposed under the Acts on clothing and school supplies shall be at the rate of 1.25% (instead of 6.25%). Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesTemporary tax reduction on clothing/school supplies (6.25% → 1.25%) provides consumer relief, aligning with tax relief indicators for middle/lower income.90% confidence

Sub-Topics Sales Tax

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in committee · Illinois · Senate Aug 5, 2025

SB 1643: PROP TX-SENIOR FREEZE

Amends the Property Tax Code. Provides that, beginning in taxable year 2025, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption shall be increased each year by the percentage increase, if any, in the Consumer Price Index. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases property tax exemption income limit for seniors using CPI, providing tax relief to low-income seniors. Directly supports tax policy for vulnerable groups.95% confidence

Sub-Topics Property Tax

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