· IL legislature · 104th

INC TX-NEW BUSINESSES

Amends the Illinois Income Tax Act. Creates a deduction for 100% of the income of a qualified new business. Provides that the term "qualified new business' means a business that has its principal place of business in the State and first begins operating in the State during the taxable year. Effective immediately.

Sponsor

Jed Davis (R-IL)

Introduced

2025-01-03

Policy area

Taxation

Latest action

Rule 19(a) / Re-referred to Rules Committee