SB2188 amends the Illinois Income Tax Act to create various tax credits for financial institutions, education expenses, and environmental remediation.
SB2188 introduces several tax credits under the Illinois Income Tax Act. It creates a credit for financial institutions with less than $50 billion in assets, allowing them to claim credits for fees, penalties, and income from commercial loans under $5 million. It also establishes a credit for education expenses, up to $500 for families with qualifying pupils. Additionally, the bill provides a tax credit for environmental remediation costs, which can be carried forward if unused.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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