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 Enterprise Zone Act. Provides that certain credits related to high impact businesses do not apply on or after the effective date of the amendatory Act. Amends the Illinois Income Tax Act. Provides that a construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Provides that a high impact business construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Makes changes concerning the business interest deduction. Creates an addition modification for the federal deduction for domestic research or experimental expenditures. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Makes changes concerning incentives for biodiesel, renewable diesel, and biodiesel blends. Makes other changes.
Amends the Illinois Income Tax Act. Provides that a qualified taxpayer may apply to the Department of Revenue for an income tax credit in an amount equal to 20% of the wages paid by the qualified taxpayer to a qualified energy choice worker based in Illinois in the taxable year. Provides that the term "qualified taxpayer" means a taxpayer that is a regulated utility in the State of Illinois or a power generating company providing baseload or intermediate generation in Illinois and that meets specified criteria and is able to demonstrate an adverse and material operational impact to either its overall Illinois-based workforce or its ability to conduct business in Illinois based on the scheduled phaseout target dates of 2030, 2035, 2040, and 2045, as provided in Public Act 102-662. Sets forth limitations on the amount of the credit. Effective immediately.
Amends the Illinois Income Tax Act. Provides that an amount equal to 10% of the net revenue realized from the State income tax during the preceding month shall be transferred from the General Revenue Fund to the Local Government Distributive Fund (currently, the amount transferred is equal to the sum of (i) 6.47% of the net revenue realized from the tax imposed upon individuals, trusts, and estates during the preceding month; (ii) 6.85% of the net revenue realized from the tax imposed upon corporations during the preceding month; and (iii) 6.47% of the net revenue realized from the tax imposed upon electing pass-through entities). Effective immediately.
Amends the Illinois Income Tax Act. Provides that a qualified taxpayer may apply to the Department of Revenue for an income tax credit in an amount equal to 20% of the wages paid by the qualified taxpayer to a qualified energy choice worker based in Illinois in the taxable year. Provides that the term "qualified taxpayer" means a taxpayer that is a regulated utility in the State of Illinois or a power generating company providing baseload or intermediate generation in Illinois and that meets specified criteria and is able to demonstrate an adverse and material operational impact to either its overall Illinois-based workforce or its ability to conduct business in Illinois based on the scheduled phaseout target dates of 2030, 2035, 2040, and 2045, as provided in Public Act 102-662. Sets forth limitations on the amount of the credit. Effective immediately.
SB 3874 repeals Illinois' enhanced bonus depreciation deduction for business equipment from the state income tax code. This change directly affects businesses that previously claimed accelerated tax deductions for qualifying equipment purchases. The bill eliminates this specific tax provision effective immediately upon enactment, with no new mechanisms or alternative deductions introduced. It is a straightforward repeal of an existing tax benefit, not a new policy.
HB 4653 repeals Illinois' enhanced bonus depreciation deduction from the state income tax law, removing a more generous tax break for businesses. This change directly affects businesses that previously claimed accelerated deductions for equipment purchases. The bill eliminates the specific provision allowing this enhanced deduction, effective immediately upon enactment. The policy change simplifies the tax code by removing this targeted incentive without creating new requirements or benefits.
Opposes a progressive income tax in Illinois. Opposes the reconsideration by the Illinois General Assembly of any constitutional amendment intended to change the flat-rate income tax language of subsection (a) of Section 3 of Article IX of the Constitution of Illinois.
Amends the Film Production Services Tax Credit Act of 2008. Provides that accredited productions shall be considered Category 1 productions or Category 2 productions. Provides that a Category 1 production is an accredited production that meets the following criteria: (1) at least 75% of all principal filming or taping days of the accredited production that occur at any soundstage facility within or without Illinois occur at a qualified production facility; and (2) at least 20% of the total expenditures for the accredited production are for (i) tangible property that will be used at a qualified production facility or for the use of the qualified production facility; (ii) the performance of services at a qualified production facility; or (iii) any combination of (i) and (ii). Makes changes concerning the amount of the credit. Makes changes concerning the number of nonresident employees whose wages may be considered Illinois labor expenditures. Makes changes concerning the definition of "qualified production facility". Amends the Illinois Income Tax Act to make changes concerning withholdings for loan out company employees. Effective immediately.
Amends the Illinois Income Tax Act. Creates an income tax credit and a credit against insurance premium taxes for business entities for the cost of providing certain commuter benefits to employees. Provides that the credit shall be equal to 50% of the cost of providing the eligible commuter benefits, but not to exceed $100 per individual employee per month. Effective immediately.
