Illinois General Assembly - Bill Status for HB0318
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 Bill Status of HB0318  101st General Assembly


Short Description:  INC TX-OPPORTUNITY FUND

House Sponsors
Rep. David McSweeney

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/229 new


Synopsis As Introduced
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.

Actions 
DateChamber Action
  1/10/2019HouseFiled with the Clerk by Rep. David McSweeney
  1/10/2019HouseFirst Reading
  1/10/2019HouseReferred to Rules Committee
  2/5/2019HouseAssigned to Revenue & Finance Committee
  2/14/2019HouseTo Income Tax Subcommittee
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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