IL HB4565 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Creates an income tax credit not to exceed 25% of the eligible costs incurred by the taxpayer during the taxable year in connection with the production of a biobased product. Provides that the Department of Commerce and Economic Opportunity shall award the credits. Provides that the total aggregate amount of credits awarded under those provisions shall not exceed $20,000,000 in any State fiscal year. Effective immediately.
Title
INC TX-BIOBASED PRODUCTS
Sponsors
| Rep. Ryan Spain [R] |
History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-07 | House | Session Sine Die |
| 2024-04-05 | House | House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee |
| 2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2024-04-03 | House | House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee |
| 2024-04-02 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2024-04-02 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Ryan Spain |
| 2024-03-08 | House | To Revenue-Income Tax Subcommittee |
| 2024-03-05 | House | Assigned to Revenue & Finance Committee |
| 2024-01-31 | House | Referred to Rules Committee |
| 2024-01-31 | House | First Reading |
| 2024-01-23 | House | Filed with the Clerk by Rep. Ryan Spain |
