IL HB5805 | 2011-2012 | 97th General Assembly

Illinois House Bill 5805 (Prior Session Legislation)

Status

Completed Legislative Action
Sponsorship: Partisan Bill (Republican 3)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that a taxpayer shall be allowed an income tax credit equal to 50% of the taxpayer's qualified investments in a qualified business during the taxable year. Defines "qualified investments" and "qualified business". Provides that any credit not usable for the taxable year may be carried over for the next 15 succeeding taxable years. Provides that the amount of tax credit available for a calendar year shall be $5,000,000.

Title

INC TX-CAPITAL GAINS CREDIT

History

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2012-02-28	House	Added Chief Co-Sponsor Rep. Mike Bost
2012-02-28	House	Added Chief Co-Sponsor Rep. Jason Barickman
2012-02-16	House	Referred to Rules Committee
2012-02-16	House	First Reading
2012-02-16	House	Filed with the Clerk by Rep. Dwight Kay

Code Citations

Chapter	Article	Section	Citation Type	Statute Text
35	5	223	New Code	See Bill Text

Illinois State Sources

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5805&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB5805.htm