IL HB0998 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2023 - 25% progression
Action: 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Creates an income tax deduction in an amount equal to any federal deduction disallowed pursuant to Section 280E of the Internal Revenue Code related to the production and distribution of adult-use cannabis products by an entity licensed under the Cannabis Regulation and Tax Act, if those amounts are not used as the basis for any other tax deduction, exemption, or credit and not otherwise required to be added back when computing the taxpayer's base income. Effective immediately.

Tracking Information

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Title

INC TAX-CANNABIS

Sponsors


History

DateChamberAction
2023-03-10HouseRule 19(a) / Re-referred to Rules Committee
2023-03-09HouseTo Revenue-Income Tax Subcommittee
2023-02-28HouseAssigned to Revenue & Finance Committee
2023-01-12HouseReferred to Rules Committee
2023-01-12HouseFirst Reading
2022-12-16HousePrefiled with Clerk by Rep. La Shawn K. Ford

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355203Amended CodeCitation Text

Illinois State Sources


Bill Comments

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