Showing 51–57 of 57
bills
All budget & taxes bills
Amends the Gas Use Tax Law. Exempts certain business enterprises from taxation under the Act. Amends the Gas Revenue Tax Act. Provides that the definition of "gross receipts" does not include consideration received from certain business enterprises. Amends the Electricity Excise Tax Law. Provides that the tax under the Act is not imposed with respect to any use by the purchaser in the process of manufacturing or assembling tangible personal property for wholesale or for retail sale or lease. Effective immediately.
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.
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 20% of the qualified conversion expenditures incurred by a taxpayer for a qualified converted building. Effective immediately.
Creates the Circuit Breaker Property Tax Relief Act. Provides that an individual who: (i) is domiciled in this State; (ii) is eligible for and receives either the general homestead exemption the general alternative homestead exemption; (iii) has experienced property tax bill spikes; and (iv) has an income that meets a specified income eligibility limitation is eligible for a grant of a portion of their bill spike. Provides that the maximum amount of grant to which a claimant is entitled is the one-half of the claimant's tax bill spike. Creates the Circuit Breaker Property Tax Relief Fund for the purpose of making grants to claimants. Amends the State Finance Act to make conforming changes. Effective immediately.
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain taxpayers that are primarily engaged in the recycling and melting of steel products and in the manufacturing of new steel wire and rod products may elect to claim the credit under the Act against their withholding tax liability instead of their income tax liability. 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.
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.
