IL HB5953 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on September 5 2018 - 25% progression
Action: 2018-11-07 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the investment made by the taxpayer during the taxable year in a Qualified Opportunity Fund. Provides that no such credit may be taken for any taxable year that begins prior to January 1, 2020. Provides that excess credits may be carried forward or back. Provides that the aggregate amount of the Qualified Opportunity Fund tax credit shall be limited to $100,000,000 per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Tracking Information

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Title

INC TX-OPPORTUNITY ZONES

Sponsors


History

DateChamberAction
2018-11-07HouseReferred to Rules Committee
2018-11-07HouseFirst Reading
2018-09-05HouseFiled with the Clerk by Rep. David McSweeney

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355228New CodeSee Bill Text

Illinois State Sources


Bill Comments

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