Illinois General Assembly - Bill Status for SB1388
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 Bill Status of SB1388  101st General Assembly


Short Description:  INC TX-OPPORTUNITY FUND

Senate Sponsors
Sen. Chuck Weaver - David Koehler

Last Action
DateChamber Action
  1/13/2021SenateSession 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
  2/13/2019SenateFiled with Secretary by Sen. Chuck Weaver
  2/13/2019SenateFirst Reading
  2/13/2019SenateReferred to Assignments
  3/7/2019SenateAdded as Chief Co-Sponsor Sen. David Koehler
  3/12/2019SenateAssigned to Revenue
  3/22/2019SenateRule 2-10 Committee Deadline Established As March 28, 2019
  3/28/2019SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2021SenateSession Sine Die

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