Illinois 2023-2024 Regular Session

Illinois House Bill HB2331 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2331 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 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. LRB103 25194 HLH 51535 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2331 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new 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. LRB103 25194 HLH 51535 b LRB103 25194 HLH 51535 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2331 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	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.
6	6	LRB103 25194 HLH 51535 b LRB103 25194 HLH 51535 b
7	7	LRB103 25194 HLH 51535 b
8	8	A BILL FOR
9	9	HB2331LRB103 25194 HLH 51535 b HB2331 LRB103 25194 HLH 51535 b
10	10	HB2331 LRB103 25194 HLH 51535 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Financial institutions.
18	18	8 (a) For tax years ending after July 1, 2023, a financial
19	19	9 institution with less than $50,000,000,000 in assets at the
20	20	10 close of the preceding tax year shall be allowed a credit
21	21	11 against the tax imposed by subsections (a) and (b) of Section
22	22	12 201 in an amount equal to the aggregate amount of all fees,
23	23	13 penalties, and any other income derived during the taxable
24	24	14 year from each commercial loan transaction that is (i) less
25	25	15 than $5,000,000, (ii) originated by the financial institution,
26	26	16 (iii) made to a person residing or located in this State, and
27	27	17 (iv) made primarily for a business or agricultural project in
28	28	18 this State.
29	29	19 (b) For partners, shareholders of subchapter S
30	30	20 corporations, and owners of limited liability companies, if
31	31	21 the liability company is treated as a partnership for purposes
32	32	22 of federal and State income taxation, there shall be allowed a
33	33	23 credit under this subsection to be determined in accordance
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2331 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	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.
41	41	LRB103 25194 HLH 51535 b LRB103 25194 HLH 51535 b
42	42	LRB103 25194 HLH 51535 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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68	68	1 with the determination of income and distributive share of
69	69	2 income under Sections 702 and 704 and subchapter S of the
70	70	3 Internal Revenue Code.
71	71	4 (c) As used in this Section, "financial institution" means
72	72	5 a partnership, association, limited liability company, or
73	73	6 corporation doing business under and as permitted by any law
74	74	7 of this State or of the United States relating to banks,
75	75	8 savings and loan associations, or savings banks.
76	76	9 (d) This Section is exempt from the provisions of Section
77	77	10 250.
78	78	11 Section 99. Effective date. This Act takes effect upon
79	79	12 becoming law.
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85	85	HB2331 - 2 - LRB103 25194 HLH 51535 b