Illinois SB 1739: CHICAGO CASINO DEVELOPMENT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1739

Introduced 2/5/2025, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/303 from Ch. 120, par. 3-303

35 ILCS 5/304 from Ch. 120, par. 3-304

 Amends the Illinois Income Tax Act. Provides that, for the purpose of allocating gains and losses from sales or exchanges of shares in a Subchapter S corporation or from interests in certain partnerships, those gains and losses shall be allocated in proportion to the average of the pass-through entity's Illinois apportionment factor in the year of the sale or exchange and the 2 tax years immediately preceding the year of the sale or exchange. Provides that, if the pass-through entity was not in existence during both of the preceding 2 years, then only the years in which the pass-through entity was in existence shall be considered when computing the average.

LRB104 03450 HLH 13473 b

A BILL FOR

SB1739LRB104 03450 HLH 13473 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5changing Sections 303 and 304 as follows:

6 (35 ILCS 5/303) (from Ch. 120, par. 3-303)

7 Sec. 303. (a) In general. Any item of capital gain or loss, 

8and any item of income from rents or royalties from real or 

9tangible personal property, interest, dividends, and patent or 

10copyright royalties, and prizes awarded under the Illinois 

11Lottery Law, and, for taxable years ending on or after 

12December 31, 2019, wagering and gambling winnings from 

13Illinois sources as set forth in subsection (e-1) of this 

14Section, and, for taxable years ending on or after December 

1531, 2021, sports wagering an