Makes appropriations for the ordinary and contingent expenses of the University of Illinois for the fiscal year beginning July 1, 2026, as follows: General Funds $736,484,400; Other State Funds $10,240,800; Total $746,725,200.
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. Effective immediately.
Amends the Property Tax Code. Provides that, in counties with a population of 200,000 or more that classify property, any residential property used in whole or in part as a short-term rental accommodation for 30 or more days in any year shall be assessed on the same basis of assessment as commercial property
Makes appropriations for the ordinary and contingent expenses of the Illinois Educational Labor Relations Board for the fiscal year beginning July 1, 2026, as follows: Other State Funds $4,465,600.
SB 3873 permanently extends Illinois' research and development (R&D) tax credit for businesses. It amends the Illinois Income Tax Act to make the R&D credit permanent, removing any expiration date. This change directly affects businesses that claim R&D credits on their state tax returns, providing ongoing eligibility without needing annual legislative renewal. The credit applies immediately upon the bill's effective date, offering predictable tax relief for qualifying companies investing in innovation.
Amends the Illinois Income Tax Act. Increases the amount of the research and development credit by calculating the increase in the taxpayer's research activities in the State over 50% (currently, 100%) of the qualifying expenditures for the base period. Effective immediately.
Makes appropriations for the ordinary and contingent expenses of the State Police Merit Board for the fiscal year beginning July 1, 2026, as follows: Other State Funds $2,432,900.
Makes appropriations for the ordinary and contingent expenses of the Department of Children and Family Services for the fiscal year beginning July 1, 2026, as follows: General Funds $1,668,497,400; Other State Funds $826,507,600; Federal Funds $15,816,600; Total $2,510,821,600.
Makes appropriations for the ordinary and contingent expenses of the State Police Merit Board for the fiscal year beginning July 1, 2026, as follows: Other State Funds $2,432,900.
Amends the Senior Citizens Real Estate Tax Deferral Act. Provides that the real estate taxes deferred under the Act and taxes paid by the Department of Revenue under the Act, together with all interest and costs that may accrue on those amounts, shall be a prior and first lien on the property until the deferred taxes, interest, and costs are paid. Provides that the tax deferral and recovery agreement with the collector shall expressly state that those amounts are a prior and first lien. Effective immediately.
