Illinois House Bill 4496

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 17 2024 - 25% progression
Action: 2024-04-05 - Committee/3rd Reading Deadline Extended-Rule May 24, 2024
Pending: House Tax Credit and Incentives Committee
Text: Latest bill text (Introduced) [HTML]

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.

DCEO-MASTER PLAN

Rep. Jay Hoffman [D]

Date	Chamber	Action
2024-04-05	House	Committee/3rd Reading Deadline Extended-Rule May 24, 2024
2024-03-08	House	To Revenue - Tax Credit and Incentives Subcommittee
2024-02-14	House	Assigned to Revenue & Finance Committee
2024-01-31	House	Referred to Rules Committee
2024-01-31	House	First Reading
2024-01-17	House	Filed with the Clerk by Rep. Jay Hoffman

Chapter	Article	Section	Citation Type	Statute Text
35	5	203	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4496&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4496.htm