Bill Title: Creates the Master Development Plan Recognition Act. Provides that certain contributions made by the State or units of local government are considered made pursuant to a master development plan within the meaning of Section 118 of the Internal Revenue Code of 1986. Amends the Illinois Income Tax Act. Creates a deduction for capital contributions that are made pursuant to a master development plan and that are included in the taxpayer's federal taxable income for the taxable year under Section 118 of the Internal Revenue Code. Effective immediately.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Failed) 2025-01-07 - Session Sine Die
[HB4496 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2024-01-17 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois HB4496 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois HB4496 currently on file. |
