IL SB1388 | 2019-2020 | 101st General Assembly

Status

Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

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.

Tracking Information

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Title

INC TX-OPPORTUNITY FUND

Sponsors


History

DateChamberAction
2021-01-13SenateSession Sine Die
2019-03-28SenateRule 3-9(a) / Re-referred to Assignments
2019-03-22SenateRule 2-10 Committee Deadline Established As March 28, 2019
2019-03-12SenateAssigned to Revenue
2019-03-07SenateAdded as Chief Co-Sponsor Sen. David Koehler
2019-02-13SenateReferred to Assignments
2019-02-13SenateFirst Reading
2019-02-13SenateFiled with Secretary by Sen. Chuck Weaver

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355229New CodeSee Bill Text

Illinois State Sources


Bill Comments

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