Bill Status of HB 1642   103rd General Assembly

Short Description:  INVEST IN KIDS-CREDIT AMT

House Sponsors
Rep. Blaine Wilhour, Chris Miller, Dan Caulkins, Adam M. Niemerg, Brad Halbrook, Jed Davis, David Friess and Ryan Spain

Last Action  View All Actions

DateChamber Action
  3/10/2023HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 40/10
35 ILCS 40/65
35 ILCS 40/995 rep.

Synopsis As Introduced
Amends the Invest in Kids Act. Provides that the credit shall be equal to 100% (rather than 75%) of the total amount of qualified contributions made by the taxpayer during a taxable year, not to exceed a credit of $1,333,333 (rather than $1,000,000) per taxpayer. Provides that the aggregate credit cap per year may not exceed $100,000,000 (rather than $75,000,000). Provides that the cap shall be increased by 20% beginning on the first day of a calendar year if, in at least 2 of the previous 3 calendar years, the cap was reached. Removes language limiting the credit to tax years ending before January 1, 2024 and repealing the Act on January 1, 2025. Provides that the Act is exempt from the sunset provisions of the Illinois Income Tax Act. Repeals an inseverability clause. Effective immediately.

Actions 
DateChamber Action
  2/1/2023HouseFiled with the Clerk by Rep. Blaine Wilhour
  2/1/2023HouseFirst Reading
  2/1/2023HouseReferred to Rules Committee
  2/15/2023HouseAssigned to Revenue & Finance Committee
  2/23/2023HouseTo Revenue - Tax Credit and Incentives Subcommittee
  3/10/2023HouseRule 19(a) / Re-referred to Rules Committee
  3/16/2023HouseAdded Co-Sponsor Rep. Chris Miller
  5/10/2023HouseAdded Co-Sponsor Rep. Dan Caulkins
  5/16/2023HouseAdded Co-Sponsor Rep. Adam M. Niemerg
  5/16/2023HouseAdded Co-Sponsor Rep. Brad Halbrook
  5/16/2023HouseAdded Co-Sponsor Rep. Jed Davis
  5/16/2023HouseAdded Co-Sponsor Rep. David Friess
  5/18/2023HouseAdded Co-Sponsor Rep. Ryan Spain

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