IL SB1388 | 2019-2020 | 101st General Assembly
Status
Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Bipartisan Bill
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
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.
Title
INC TX-OPPORTUNITY FUND
Sponsors
History
Date | Chamber | Action |
---|---|---|
2021-01-13 | Senate | Session Sine Die |
2019-03-28 | Senate | Rule 3-9(a) / Re-referred to Assignments |
2019-03-22 | Senate | Rule 2-10 Committee Deadline Established As March 28, 2019 |
2019-03-12 | Senate | Assigned to Revenue |
2019-03-07 | Senate | Added as Chief Co-Sponsor Sen. David Koehler |
2019-02-13 | Senate | Referred to Assignments |
2019-02-13 | Senate | First Reading |
2019-02-13 | Senate | Filed with Secretary by Sen. Chuck Weaver |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1388&GAID=15&DocTypeID=SB&SessionID=108&GA=101 |
Text | https://www.ilga.gov/legislation/101/SB/10100SB1388.htm |