Illinois General Assembly - Bill Status for HB1725

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that a qualified small business may apply to the Department of Commerce and Economic Opportunity for an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for qualified advertising with a local news organization. Provides that the credit may not exceed $2,500 per eligible taxpayer in any taxable year. Provides that the aggregate amount of all tax credits awarded by the Department under the amendatory Act in any calendar year may not exceed $3,000,000. Effective immediately.

Actions

Date	Chamber	Action
1/24/2025	House	Filed with the Clerk by Rep. Amy Elik
1/28/2025	House	First Reading
1/28/2025	House	Referred to Rules Committee
2/18/2025	House	Assigned to Revenue & Finance Committee
3/3/2025	House	To Income Tax Subcommittee
3/21/2025	House	Rule 19(a) / Re-referred to Rules Committee

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