Illinois House Bill 5208 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 14 2020 - 25% progression, died in committee
Action: 2020-02-18 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $45,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.

INC TX-INVESTMENT CREDIT

Rep. Keith Wheeler [R]

Date	Chamber	Action
2020-02-18	House	Referred to Rules Committee
2020-02-18	House	First Reading
2020-02-14	House	Filed with the Clerk by Rep. Keith R. Wheeler

Chapter	Article	Section	Citation Type	Statute Text
35	5	232	New Code	See Bill Text
35	735	3-3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5208&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB5208.htm