Illinois · Senate Bill 341 · 103rd General Assembly

INCOME TAX-SMALL BUSINESS LOAN

SB 341 Sponsored by Paul Faraci Died in committee

  1. Introduced Feb 2, 2023
  2. In committee Feb 2, 2023
  3. Died  
  4. Passed the House  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

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.

Every action

6 steps, oldest first, as the legislature records them.

  1. SenateFiled with Secretary by Sen. Paul Faraci
  2. SenateFirst Reading
  3. CommitteeReferred to Assignments · Senate Assignments
  4. CommitteeAssigned to Revenue · Senate Revenue
  5. CommitteeRule 3-9(a) / Re-referred to Assignments · Senate Assignments
  6. SenateSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

From Illinois's official records (www.ilga.gov), checked Nov 2, 2026. Text links go to the official versions; LegiList does not copy bill text.