HB4350

INC TX-SMALL BUSINESS CREDIT

Introduced·1/8/26
Introduced Text

Illinois HB4350 creates a tax credit for qualified small businesses, up to $250,000 per year, for certain business expenses.

HB4350 amends the Illinois Income Tax Act to establish a tax credit for qualified small businesses. The credit is equal to 100% of qualified business expenses, up to a maximum of $250,000 per taxpayer per year. Qualified small businesses must be certified by the Department of Commerce and Economic Opportunity and meet specific criteria, such as employing fewer than 100 employees and being current on all tax obligations. The credit can be applied to the earliest year with a tax liability and, if unused, can be carried forward for up to five years.

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Where it stands

Current
Rules Committee
Next
Committee decision

Sponsors

0
1
R
Democratic CaucusRepublican Caucus

History

Jan 14

House

First Reading

Jan 14

House

Referred to Rules Committee

Jan 8

House

Filed with the Clerk by Rep. Martin McLaughlin