Bill Status of SB0341  103rd General Assembly

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Short Description:  INCOME TAX-SMALL BUSINESS LOAN

Senate Sponsors
Sen. Paul Faraci

Last Action

Date	Chamber	Action
3/10/2023	Senate	Rule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance

35 ILCS 5/234 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit for financial institutions with less than $50,000,000,000 in assets in an amount equal to the aggregate amount of all fees, penalties, and any other income derived during the taxable year from each commercial loan transaction that is (i) less than $5,000,000, (ii) originated by the financial institution, (iii) made to a person residing or located in this State, and (iv) made primarily for a business or agricultural project in this State. Effective immediately.

Actions 

Date	Chamber	Action
2/2/2023	Senate	Filed with Secretary by Sen. Paul Faraci
2/2/2023	Senate	First Reading
2/2/2023	Senate	Referred to Assignments
2/7/2023	Senate	Assigned to Revenue
3/10/2023	Senate	Rule 3-9(a) / Re-referred to Assignments