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Bill

SB 2188

INCOME TAX-SMALL BUSINESS LOAN

104th Regular Session Introduced by Paul Faraci

Illinois bill modifies small business loan income tax treatment, currently in committee review with multiple deadline extensions since March 2025.

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WeVote Research Nonpartisan
Bill Summary · SB 2188

Legislative bill overview

SB 2188 proposes modifications to Illinois income tax treatment related to small business loans. The bill has been re-referred to committee assignments as of June 2025, indicating it remains in early legislative processing stages without substantive amendments yet enacted.

Why is this important

Tax policy affecting small businesses directly impacts job creation, business expansion, and economic competitiveness within Illinois. Changes to loan-related tax treatment could influence borrowing costs and cash flow for small enterprises, affecting their viability and growth potential.

Potential points of contention

  • Revenue impact: Any income tax modifications could reduce state revenue or create tax expenditures that require offsetting measures elsewhere in the budget
  • Definitional scope: "Small business" classifications may be contentious—what qualifies could significantly affect how many entities benefit and at what cost
  • Loan type specificity: Questions about which loan types qualify (SBA loans, bank loans, lines of credit) and whether this applies to new or existing debt could create implementation complexity and fairness concerns

Compiled from official sources — confirm details with the bill’s official record.

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