(The Center Square) – As legislators return for the final weeks of session, the budget will be top of mind, but there may also be more tax credits to consider.
At a recent Senate Revenue Committee, a tax credit for the music industry was discussed. State Sen. Sara Feignholtz, D-Chicago, said it’s needed, especially after the pandemic.
“This sort of sector of musicians really suffered and is still lagging in their recovery,” she told the Senate Revenue Committee. “So I’m hoping that this tax credit bill is going to incentivize more live music, music education.”
Senate Bill 3395 would award credits to qualified music companies and create the Music Education Scholarship Act.
Another proposed measure is the Illinois Gives Act found in Senate Bill 172, which would give a 25% tax credit on charitable contributions to a community foundation. Feigenholtz said changes at the federal level make
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