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IL HB3117

Bill

Official Source

Status

Introduced

2/6/2025

Primary Sponsor

Blaine Wilhour

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Creates a new Illinois income tax deduction for capital gains realized from property taken through eminent domain, to the extent those gains are included in federal taxable income

  • Applies to individuals beginning January 1, 2026, and to corporations, trusts, estates, and partnerships beginning January 1, 2024

  • Amends Section 203 of the Illinois Income Tax Act, which defines base income for state tax purposes

  • The deduction is exempt from the provisions of Section 250 of the Act (the sunset provision for tax preferences)

  • Effective immediately upon becoming law

Legislative Description

INC TX-EMINENT DOMAIN

Last Action

Rule 19(a) / Re-referred to Rules Committee

3/21/2025

Committee Referrals

Rules3/21/2025
Tax Policy: Other Taxes3/6/2025
Revenue & Finance3/4/2025
Rules2/18/2025

Full Bill Text

No bill text available