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

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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

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