Illinois General Assembly - Bill Status for HB1361
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 Bill Status of HB1361  104th General Assembly

Short Description:  INC TX-SMALL BUSINESS CREDIT

House Sponsors
Rep. Debbie Meyers-Martin, Lindsey LaPointe, Kevin John Olickal and Martin McLaughlin

Last Action
DateChamber Action
  3/21/2025HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/246 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.

Actions 
DateChamber Action
  1/14/2025HouseFiled with the Clerk by Rep. Debbie Meyers-Martin
  1/28/2025HouseFirst Reading
  1/28/2025HouseReferred to Rules Committee
  2/11/2025HouseAssigned to Revenue & Finance Committee
  2/25/2025HouseTo Income Tax Subcommittee
  3/4/2025HouseAdded Co-Sponsor Rep. Lindsey LaPointe
  3/7/2025HouseAdded Co-Sponsor Rep. Kevin John Olickal
  3/21/2025HouseRule 19(a) / Re-referred to Rules Committee
  4/7/2025HouseAdded Co-Sponsor Rep. Martin McLaughlin

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