IL HB1093

Creates a 100% state income tax deduction for all income earned by a "qualified new business" during its first taxable year of operation in Illinois

Defines "qualified new business" as a business that has its principal place of business in Illinois and first begins operating in the state during the taxable year

Applies to taxable years beginning on or after January 1, 2026 and before January 1, 2027, making this a one-year tax incentive

Covers multiple business structures including sole proprietorships, single-member LLCs (disregarded entities), corporations, and partnerships

Takes effect immediately upon becoming law and amends Section 203 of the Illinois Income Tax Act (35 ILCS 5/203)