Bill Status of HB1093  104th General Assembly

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Short Description:  INC TX-NEW BUSINESSES

House Sponsors
Rep. Jed Davis

Hearings

Revenue & Finance Committee Hearing Mar 20 2025 8:00AM Capitol Building 114 and Virtual Room 1 Springfield, IL Revenue & Finance Committee Hearing Mar 20 2025 2:00PM Stratton Building Room D-1 Springfield, IL Income Tax Subcommittee Hearing Mar 20 2025 8:02AM Capitol Building 114 and Virtual Room 1 Springfield, IL Income Tax Subcommittee Hearing Mar 20 2025 2:02PM Stratton Building Room D-1 Springfield, IL

Last Action

Date	Chamber	Action
2/25/2025	House	To Income Tax Subcommittee

Statutes Amended In Order of Appearance

35 ILCS 5/203

Synopsis As Introduced
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.

Actions 

Date	Chamber	Action
1/3/2025	House	Prefiled with Clerk by Rep. Jed Davis
1/9/2025	House	First Reading
1/9/2025	House	Referred to Rules Committee
2/4/2025	House	Assigned to Revenue & Finance Committee
2/25/2025	House	To Income Tax Subcommittee