Illinois House Bill 318 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2019 - 25% progression, died in committee
Action: 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

INC TX-OPPORTUNITY FUND

Rep. David McSweeney [R]

Date	Chamber	Action
2019-03-29	House	Rule 19(a) / Re-referred to Rules Committee
2019-02-14	House	To Income Tax Subcommittee
2019-02-05	House	Assigned to Revenue & Finance Committee
2019-01-10	House	Referred to Rules Committee
2019-01-10	House	First Reading
2019-01-10	House	Filed with the Clerk by Rep. David McSweeney

Chapter	Article	Section	Citation Type	Statute Text
35	5	229	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=318&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB0318.htm