Illinois Senate Bill 341

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 2 2023 - 25% progression
Action: 2023-03-10 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates a credit for financial institutions with less than $50,000,000,000 in assets 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) less than $5,000,000, (ii) originated by the financial institution, (iii) made to a person residing or located in this State, and (iv) made primarily for a business or agricultural project in this State. Effective immediately.

INCOME TAX-SMALL BUSINESS LOAN

Sen. Paul Faraci [D]

Date	Chamber	Action
2023-03-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-02-07	Senate	Assigned to Revenue
2023-02-02	Senate	Referred to Assignments
2023-02-02	Senate	First Reading
2023-02-02	Senate	Filed with Secretary by Sen. Paul Faraci

Chapter	Article	Section	Citation Type	Statute Text
35	5	234	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=341&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB0341.htm