Bill Text: IL SB0805 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Engrossed) 2023-12-10 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0805 Detail]

Download: Illinois-2023-SB0805-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0805 Introduced 2/2/2023, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
35 ILCS 5/101 from Ch. 120, par. 1-101
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.
LRB103 03260 HLH 48266 b
A BILL FOR
SB0805 LRB103 03260 HLH 48266 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
changing Section 101 as follows:
(35 ILCS 5/101) (from Ch. 120, par. 1-101)
Sec. 101. Short Title. This Act shall be known and and may
be cited as the "Illinois Income Tax Act."
(Source: P.A. 76-261.)