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HB1725 - 104th General Assembly
INC TX-LOCAL MEDIA
Statutes Amended In Order of Appearance
35 ILCS 5/246 new
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that a qualified small business may apply to the Department of Commerce and Economic Opportunity for an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for qualified advertising with a local news organization. Provides that the credit may not exceed $2,500 per eligible taxpayer in any taxable year. Provides that the aggregate amount of all tax credits awarded by the Department under the amendatory Act in any calendar year may not exceed $3,000,000. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/24/2025 | House | Filed with the Clerk by Rep. Amy Elik |
| 1/28/2025 | House | First Reading |
| 1/28/2025 | House | Referred to Rules Committee |
| 2/18/2025 | House | Assigned to Revenue & Finance Committee |
| 3/03/2025 | House | To Income Tax Subcommittee |
| 3/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |