IL HB4194 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on October 24 2023 - 25% progression
Action: 2023-10-25 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on October 24 2023 - 25% progression
Action: 2023-10-25 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Invest in Kids Act. Provides that a taxpayer may take a credit under the Act for tax years ending before January 1, 2029 (currently January 1, 2024). Provides that, beginning in calendar year 2024, the aggregate amount of credits the Department of Revenue may award under the Act in any calendar year may not exceed $50,000,000 (currently, $75,000,000). Provides that contributions under the Act may be directed to students whose permanent address is located in an underserved area but may not be directed to a particular student. Provides that, for taxable years beginning on or after January 1, 2024, the amount of the credit under the Act shall be 100% of the first $5,000 in contributions made by the taxpayer during the taxable year, plus (i) 55% of the portion of the qualified contributions made by the taxpayer that exceeds the first $5,000 and is not directed to students whose permanent address is located in an underserved area and (ii) 65% of the of the portion of the qualified contributions made by the taxpayer that exceeds the first $5,000 and is directed to students whose permanent address is located in an underserved area. Effective immediately.
Title
INVEST IN KIDS-CONTRIBUTIONS
Sponsors
| Rep. Angelica Guerrero-Cuellar [D] | Rep. Elizabeth Hernandez [D] | Rep. Kelly Burke [D] | Rep. Martin Moylan [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2023-10-25 | House | Referred to Rules Committee |
| 2023-10-25 | House | First Reading |
| 2023-10-25 | House | Added Co-Sponsor Rep. Martin J. Moylan |
| 2023-10-24 | House | Added Chief Co-Sponsor Rep. Kelly M. Burke |
| 2023-10-24 | House | Added Chief Co-Sponsor Rep. Elizabeth "Lisa" Hernandez |
| 2023-10-24 | House | Filed with the Clerk by Rep. Angelica Guerrero-Cuellar |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 40 | 10 | Amended Code | Citation Text |
| 35 | 40 | 40 | Amended Code | Citation Text |
| 35 | 40 | 5 | Amended Code | Citation Text |
| 35 | 40 | 65 | Amended Code | Citation Text |
| 35 | 5 | 224 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4194&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/HB/10300HB4194.htm |
