Amends the Illinois Income Tax Act. Creates the Welcome Home Illinois tax credit. Provides that each taxpayer who is a first-time homebuyer of a principal residence in the State during the taxable year is entitled to an income tax credit in an amount equal to $500. Effective immediately.
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2027, the State tax credit shall be calculated as though the decedent's federal taxable estate did not include the decedent's business interest in a manufacturing business located in this State. Defines "manufacturing business". Effective immediately.
Amends the Illinois Income Tax Act. Provides that a qualified small business may apply to the Department of Commerce and Economic Opportunity for an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for qualified advertising with a local news organization. Provides that the credit may not exceed $2,500 per eligible taxpayer in any taxable year. Provides that the aggregate amount of all tax credits awarded by the Department under the amendatory Act in any calendar year may not exceed $3,000,000. Effective immediately.
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an election to claim the credit against the taxpayer's withholding tax liability also applies to certain taxpayers that are primarily engaged in the business of pharmacy, health, and wellness and that have a corporate headquarters and distribution centers located in Illinois.
Amends Illinois Income Tax Act. Creates a legacy tax credit for businesses that are headquartered in the State. Creates an employee tax credit and a collective bargaining employee tax credit. Effective immediately.
Amends the Illinois Income Tax Act. Creates an income tax credit for a taxpayer who owns, operates, or manages a hotel. Provides that the amount of the credit is equal to 25% of the qualified renovation expenditures incurred during the taxable year, subject to specified limitations. Effective immediately.
Amends the Illinois Income Tax Act. Creates an income tax credit for a taxpayer that makes a qualified donation of real property during the taxable year to an employer that will use the property for the purpose of providing onsite child care to its employees. Provides that the credit shall be in an amount equal to the fair market value of the property, as determined by the Department of Revenue by rule.
Amends the Illinois Income Tax Act. Provides that the tax credit for employee child care shall be (i) 30% of the start-up costs expended by the corporate taxpayer to provide a child care facility for the children of its employees and (ii) 10% (currently, 5%) of the annual amount paid by the corporate taxpayer in providing the child care facility for the children of its employees. Creates an income tax credit for corporate taxpayers that are qualified small businesses in an amount equal to 10% of the federal tax credit claimed by the taxpayer for the taxable year for qualified child care expenditures. Effective immediately.
Amends the Illinois Income Tax Act. Increases the tax credit for residential real property taxes from 5% of the real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer to 10% of the real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
Amends the Illinois Income Tax Act. Creates an income tax credit for each taxpayer that is an eligible small employer in an amount equal to the amount paid during the taxable year by the eligible small employer to its employees as paid leave that is required by the Paid Leave for All Workers Act. Provides that an eligible small employer is an employer that employs 50 or fewer employees during the taxable year and is subject to the Paid Leave for All Workers Act. Effective January 1, 2027.
