Creates a deduction for 100% of the income of a qualified new business in Illinois.
The bill amends the Illinois Income Tax Act to introduce a deduction for 100% of the income of a qualified new business. A "qualified new business" is defined as a business that has its principal place of business in Illinois and first begins operating in the state during the taxable year. This deduction applies to the income of such businesses for the year they start operations in Illinois.
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