Budget & Taxes

in committee · Illinois · House Jul 1, 2026

HJRCA 21: CONAMEND-REVENUE

Proposes to amend the Revenue Article of the Illinois Constitution. Provides that an additional income tax shall be imposed on individuals in an amount equal to 3% of the portion of the individual's net income that is greater than $1,000,000 for the taxable year. Provides that, of the revenue collected pursuant to those provisions, 50% shall be used to provide property tax relief and 50% shall be distributed to school districts solely on a per pupil basis. Effective upon being declared adopted.

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes 3% tax on high earners ($1M+), allocates 50% to property tax relief and 50% to schools per pupil, supporting fiscal responsibility and public services.90% confidence ✓ EducationSupports EducationAllocates 50% of new tax revenue to school districts via per-pupil funding, directly increasing education funding as specified in the bill's summary.95% confidence

Sub-Topics Income Tax Property Tax

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in committee · Illinois · House Mar 27, 2026

HB 2642: PROP TX-AGGREGATE EXTENSION

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the limiting rate shall be calculated using the highest aggregate extension from any year in which the taxing district was subject to the Property Tax Extension Limitation Law (currently, the last 3 preceding levy years). Provides that an aggregate extension established for a levy year in which the taxing district was authorized to temporarily increase its limiting rate or its extension limitation may not be used.

Topics ✓ Budget & TaxesSupports Budget & TaxesAmends tax extension limit to use highest historical rate, enabling higher property tax collections for districts, advancing fiscal capacity for local government budgets.92% confidence

Sub-Topics Property Tax

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in committee · Illinois · House Mar 27, 2026

HB 1496: PROP TX-LIMIT ASSESSMENTS

Amends the Property Tax Code. Provides that, beginning with the 2026 assessment year, the valuation of property in any general assessment year may not exceed (i) 101% of the value of the property in the previous tax year if the property is residential or (ii) 102% of the value of the property in the previous tax year if the property is not residential. Provides that the limitation does not apply if the increase in value is due to an addition, modification, or improvement to the property or if there has been a change in ownership of the property during the previous tax year. Preempts the power of home rule units to tax.

Topics ✗ Budget & TaxesOpposes Budget & TaxesLimits annual property tax assessments to 101-102% of prior year, restricting government revenue growth from property taxes.95% confidence

Sub-Topics Property Tax

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in committee · Illinois · Senate May 22, 2026

SB 2721: REVENUE-SMALL NUCLEAR REACTOR

Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers that make an investment in the manufacture of a small modular nuclear reactor in the State during the taxable year. Provides that the amount of the credit is 20% of the amount of that investment. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that tangible personal property purchased for use in the construction or operation of a small modular nuclear reactor in the State is exempt from taxation under those Act. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates 20% income tax credit for nuclear reactor investments, directly modifying tax law to incentivize business spending under Budget & Taxes framework.92% confidence ✓ EnergySupports EnergyBill creates 20% tax credit for nuclear reactor investments, directly advancing nuclear energy infrastructure as a clean energy source under Illinois tax law.95% confidence ✓ EnvironmentSupports EnvironmentTax credit for small modular nuclear reactors promotes clean energy infrastructure, aligning with environmental protection goals through low-carbon energy investment.85% confidence

Sub-Topics Nuclear

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in committee · Illinois · Senate Oct 30, 2025

SR 505: NO TAX DECOUPLING-FEDS

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesUrges alignment with federal tax code to prevent tax increases on job creators, promoting fiscal stability and competitiveness per bill summary.95% confidence

Sub-Topics Business Taxes

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in committee · Illinois · House Apr 17, 2026

HB 2686: REVENUE-LOCAL DISTRIBUTIONS

Amends the State Finance Act and the State Revenue Sharing Act. Provides that certain provisions concerning distributions from the State and Local Sales Tax Reform Fund and from the Local Government Distributive Fund constitute an irrevocable and continuing appropriation. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill mandates irrevocable appropriations from state tax funds to local governments, securing ongoing funding distributions without cuts or restrictions.95% confidence

Sub-Topics Revenue Sales Tax State Budget

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in committee · Illinois · House Mar 27, 2026

HB 4190: INC TX-SMALL BUSINESS CREDIT

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for small businesses, reducing property tax burden, aligning with tax relief support for Budget & Taxes.95% confidence

Sub-Topics Business Taxes Tags Small Business

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passed · Illinois · House Dec 1, 2025

HB 1928: REVENUE-VARIOUS

HB 1928 proposes to allocate a specific amount of money from the state's general budget. This bill would appropriate $2 from the General Revenue Fund. These funds are designated for the Court of Claims to cover its ordinary and contingent operational expenses. The appropriation is intended for the upcoming Fiscal Year 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesAppropriates $2 from General Revenue Fund for Court of Claims operational expenses, funding essential government operations as part of fiscal management.90% confidence

Sub-Topics Appropriations Revenue State Budget

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in committee · Illinois · House Nov 4, 2025

HB 1746: PROP TX-HOMESTEAD EXEMPT

Amends the Property Tax Code. Provides that, for taxable years 2026 and thereafter, the term "maximum income limitation" for the low-income senior citizens assessment freeze homestead exemption means the greater of (i) $80,000 or (ii) $80,000 adjusted by certain increases in the consumer price index-u. Provides that the Department of Revenue shall, not later than January 31 of each calendar year, calculate, publish, and transmit to all county clerks and county treasurers the indexed maximum income limitation number. In provisions concerning the general homestead exemption, provides that, for taxable years 2026 and thereafter, the maximum reduction is $10,000 in all counties.

Topics ✓ Budget & TaxesSupports Budget & TaxesAdjusts homestead exemption income limit to inflation, providing ongoing tax relief for low-income seniors by preventing increased property tax burdens.95% confidence

Sub-Topics Property Tax

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in committee · Illinois · House Jan 14, 2026

HB 4210: USE/OCC TX-EXEMPT DAY CARE

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that certain supplies purchased by a day care center are exempt from the taxes imposed under those Acts. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts day care center supplies from multiple taxes, providing direct tax relief to providers under the Use Tax Act and related statutes.95% confidence

Sub-Topics Sales Tax

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