Bill Status of HB4350

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HB4350 - 104th General Assembly

INC TX-SMALL BUSINESS CREDIT
Last Action
1/14/2026 - House: Referred to Rules Committee
House Sponsors
Rep. Martin McLaughlin
Statutes Amended In Order of Appearance
35 ILCS 5/246 new
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 100%, but in no event more than $250,000 per taxpayer in any taxable year, of qualified business expenses paid by a qualified small business during the taxable year. Effective immediately.
Actions
Date Chamber Action
1/08/2026 House Filed with the Clerk by Rep. Martin McLaughlin
1/14/2026 House First Reading
1/14/2026 House Referred to Rules Committee