Illinois General Assembly - Bill Status for HB4246
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 Bill Status of HB4246  103rd General Assembly

Short Description:  INC TX-NEW BUSINESSES

House Sponsors
Rep. Jed Davis, Kevin Schmidt, Brandun Schweizer, Dan Caulkins and Martin McLaughlin

Last Action
DateChamber Action
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a deduction for 100% of the income of a qualified new business. Provides that the term "qualified new business' means a business that has its principal place of business in the State and first begins operating in the State during the taxable year.

Actions 
DateChamber Action
  11/29/2023HouseFiled with the Clerk by Rep. Jed Davis
  1/16/2024HouseFirst Reading
  1/16/2024HouseReferred to Rules Committee
  1/31/2024HouseAssigned to Revenue & Finance Committee
  2/1/2024HouseAdded Co-Sponsor Rep. Kevin Schmidt
  2/1/2024HouseAdded Co-Sponsor Rep. Brandun Schweizer
  2/2/2024HouseAdded Co-Sponsor Rep. Dan Caulkins
  2/6/2024HouseAdded Co-Sponsor Rep. Martin McLaughlin
  3/8/2024HouseTo Revenue-Income Tax Subcommittee
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

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