IL SB1683 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 8 2023 - 25% progression
Action: 2023-03-22 - Added as Co-Sponsor Sen. Sally J. Turner
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who have an approved NFPA 13D residential fire sprinkler system installed in a new or existing residential dwelling in the State during the taxable year. Provides that the credit shall be in an amount equal to 50% of the total cost of the installation but not to exceed $10,000 per taxpayer in any taxable year. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.

Tracking Information

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Title

INC TX-FIRE SPRINKLERS

Sponsors


History

DateChamberAction
2023-03-22SenateAdded as Co-Sponsor Sen. Sally J. Turner
2023-03-10SenateRule 3-9(a) / Re-referred to Assignments
2023-02-21SenateAssigned to Revenue
2023-02-08SenateReferred to Assignments
2023-02-08SenateFirst Reading
2023-02-08SenateFiled with Secretary by Sen. Robert F. Martwick

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355234New CodeSee Bill Text

Illinois State Sources


Bill Comments

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