Bill > HB2755

Here is a summary of the bill: This bill makes comprehensive changes to various revenue-related provisions in Illinois tax law, affecting multiple areas of taxation and financial regulations. The bill introduces several key modifications, including establishing a tax amnesty program, adjusting business interest deductions, modifying deposits into the Road Fund, updating civil penalties under the Environmental Protection Act, regulating short-term rentals, addressing tobacco and cigarette taxes, and creating new tax credits and exemptions. Specifically, the bill creates the American Hostage Tax Liability Postponement Act, the Advancing Innovative Manufacturing for Illinois Tax Credit Act, and the Digital Advertisement Tax Act. The bill also makes significant changes to how marketplace facilitators and remote retailers are taxed, introducing new thresholds and reporting requirements for sales tax collection. Additionally, the bill adjusts how certain pass-through entities and transportation network companies are taxed, and modifies provisions related to motor vehicles, aircraft, and other transportation-related tax exemptions. The effective dates vary, with some provisions taking effect immediately, while others will be implemented on July 1, 2025, January 1, 2026, or January 1, 2027, depending on the specific provision.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2755&GAID=18&DocTypeID=HB&SessionID=114&GA=104