HB 5641

  • Illinois House Bill
  • 101st Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Income Tax-Small Business Loan

Abstract

Amends the Illinois Income Tax Act. Creates a credit for financial institutions in an amount equal to the aggregate amount of all fees, penalties, and any other income derived during the taxable year from each commercial loan transaction that is (i) originated by the financial institution, (ii) made to a person residing or located in this State, and (iii) made primarily for an agricultural project in this State. Effective immediately.

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Feb 18, 2020

House

First Reading

House

Referred to Rules Committee

Feb 14, 2020

House

Filed with the Clerk by Rep. Sonya M. Harper

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