INC TX-NEW BUSINESSES House SponsorsRep. Jed Davis 3/21/2025HouseRule 19(a) / Re-referred to Rules Committee 35 ILCS 5/203 Amends the Illinois Income Tax Act. Creates a deduction for 100% of the income of a qualified new business. Provides that the term "qualified new business' means a business that has its principal place of business in the State and first begins operating in the State during the taxable year. Effective immediately. 1/3/2025HousePrefiled with Clerk by Rep. Jed Davis 1/9/2025HouseFirst Reading 1/9/2025HouseReferred to Rules Committee 2/4/2025HouseAssigned to Revenue & Finance Committee 2/25/2025HouseTo Income Tax Subcommittee 3/21/2025HouseRule 19(a) / Re-referred to Rules Committee