IL HB1642 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Republican 8-0)
Status: Introduced on February 1 2023 - 25% progression
Action: 2023-05-18 - Added Co-Sponsor Rep. Ryan Spain
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Invest in Kids Act. Provides that the credit shall be equal to 100% (rather than 75%) of the total amount of qualified contributions made by the taxpayer during a taxable year, not to exceed a credit of $1,333,333 (rather than $1,000,000) per taxpayer. Provides that the aggregate credit cap per year may not exceed $100,000,000 (rather than $75,000,000). Provides that the cap shall be increased by 20% beginning on the first day of a calendar year if, in at least 2 of the previous 3 calendar years, the cap was reached. Removes language limiting the credit to tax years ending before January 1, 2024 and repealing the Act on January 1, 2025. Provides that the Act is exempt from the sunset provisions of the Illinois Income Tax Act. Repeals an inseverability clause. Effective immediately.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

INVEST IN KIDS-CREDIT AMT

Sponsors


History

DateChamberAction
2023-05-18HouseAdded Co-Sponsor Rep. Ryan Spain
2023-05-16HouseAdded Co-Sponsor Rep. David Friess
2023-05-16HouseAdded Co-Sponsor Rep. Jed Davis
2023-05-16HouseAdded Co-Sponsor Rep. Brad Halbrook
2023-05-16HouseAdded Co-Sponsor Rep. Adam M. Niemerg
2023-05-10HouseAdded Co-Sponsor Rep. Dan Caulkins
2023-03-16HouseAdded Co-Sponsor Rep. Chris Miller
2023-03-10HouseRule 19(a) / Re-referred to Rules Committee
2023-02-23HouseTo Revenue - Tax Credit and Incentives Subcommittee
2023-02-15HouseAssigned to Revenue & Finance Committee
2023-02-01HouseReferred to Rules Committee
2023-02-01HouseFirst Reading
2023-02-01HouseFiled with the Clerk by Rep. Blaine Wilhour

Code Citations

ChapterArticleSectionCitation TypeStatute Text
354010Amended CodeCitation Text
354065Amended CodeCitation Text
3540995Repealed CodeCitation Text

Illinois State Sources


Bill Comments

LegiScan Search

View Top 50 Searches

Select area of search.
Find an exact bill number.
Search bill text and data. [help]
Reset

LegiScan Trends

View Top 50 National

CA AB846 Housing programs: rent increases.
OH SB323 Designate September 28 as Speaker Jo Ann Davidson Day
MI HB5598 Property: recording; penalties for knowingly drafting or submitting false...
MI HB5393 Juveniles: other; maximum time for a juvenile to complete the terms of...
TX SB495 Relating to the authority of the Texas Department of Insurance to adopt...
OH SR460 In memory of Darrell W. Opfer.
US HB10194 To prohibit the Secretary of Housing and Urban Development from finalizing,...
DE SB169 An Act To Amend Title 10 Of The Delaware Code Relating To Wrongful Conviction...
NJ S3747 Requires written notification of advanced placement courses to parents...
NJ A4544 Expands eligibility requirements of State's child care assistance program...
feedback