2025-2026 Regular Session • Illinois Legislature
HB1361: INC TX-SMALL BUSINESS CREDIT
Legislative Summary
Amends the Illinois Income Tax Act. Creates a credit for certain small businesses in an amount equal to the lesser of (i) 10% of the property taxes paid by the qualified small business during the taxable year for eligible real property or (ii) $1,500. Effective immediately.
Demographic Impact
Overall analysis of equity impact
70% Positive
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Bill History
1/14/2025
Filed with the Clerk by Rep. Debbie Meyers-Martin
House of Representatives
1/28/2025
First Reading
House of Representatives
1/28/2025
Referred to Rules Committee
House of Representatives
2/11/2025
Assigned to Revenue & Finance Committee
House of Representatives
2/25/2025
To Income Tax Subcommittee
House of Representatives
3/4/2025
Added Co-Sponsor Rep. Lindsey LaPointe
House of Representatives
3/7/2025
Added Co-Sponsor Rep. Kevin John Olickal
House of Representatives
3/21/2025
Rule 19(a) / Re-referred to Rules Committee
House of Representatives
4/7/2025
Added Co-Sponsor Rep. Martin McLaughlin
House of Representatives
Status Information
Current Status
Introduced(1/14/2025)
Chamber
House of Representatives
Committee
Rules(House of Representatives)
Sponsors
Democrat: 3
Republican: 1
Primary Sponsor
Debbie Meyers-Martin
Democrat