IL HB4496 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 17 2024 - 25% progression
Action: 2024-05-31 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Master Development Plan Recognition Act. Provides that certain contributions made by the State or units of local government are considered made pursuant to a master development plan within the meaning of Section 118 of the Internal Revenue Code of 1986. Amends the Illinois Income Tax Act. Creates a deduction for capital contributions that are made pursuant to a master development plan and that are included in the taxpayer's federal taxable income for the taxable year under Section 118 of the Internal Revenue Code. Effective immediately.

Tracking Information

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Title

DCEO-MASTER PLAN

Sponsors


History

DateChamberAction
2024-05-31HouseRule 19(a) / Re-referred to Rules Committee
2024-05-26HouseCommittee/3rd Reading Deadline Extended-Rule May 31, 2024
2024-05-24HouseCommittee/3rd Reading Deadline Extended-Rule May 27, 2024
2024-04-05HouseCommittee/3rd Reading Deadline Extended-Rule May 24, 2024
2024-03-08HouseTo Revenue - Tax Credit and Incentives Subcommittee
2024-02-14HouseAssigned to Revenue & Finance Committee
2024-01-31HouseReferred to Rules Committee
2024-01-31HouseFirst Reading
2024-01-17HouseFiled with the Clerk by Rep. Jay Hoffman

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355203Amended CodeCitation Text

Illinois State Sources


Bill Comments

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