summary
Introduced
02/05/2026
02/05/2026
In Committee
03/04/2026
03/04/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Enterprise Zone Act. Provides that certain credits related to high impact businesses do not apply on or after the effective date of the amendatory Act. Amends the Illinois Income Tax Act. Provides that a construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Provides that a high impact business construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Makes changes concerning the business interest deduction. Creates an addition modification for the federal deduction for domestic research or experimental expenditures. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Makes changes concerning incentives for biodiesel, renewable diesel, and biodiesel blends. Makes other changes.
AI Summary
This bill makes several changes to Illinois tax laws, primarily by eliminating certain tax credits and introducing new rules for business interest deductions and research expenditures. Specifically, it repeals credits related to "High Impact Businesses" (businesses that make significant investments and create jobs) and construction jobs credits within Enterprise Zones and River Edge Redevelopment Zones, which were previously available for taxable years ending on or after the bill's effective date. The bill also introduces an "addition modification" for the federal deduction for domestic research or experimental expenditures, meaning businesses will need to add back a portion of these federal deductions when calculating their Illinois income tax. Additionally, it amends sales and use tax laws related to biodiesel, renewable diesel, and biodiesel blends, adjusting the taxability of these fuels.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Assigned to Revenue & Finance Committee (on 03/04/2026)
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