Illinois General Assembly - Bill Status for HB0998

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax deduction in an amount equal to any federal deduction disallowed pursuant to Section 280E of the Internal Revenue Code related to the production and distribution of adult-use cannabis products by an entity licensed under the Cannabis Regulation and Tax Act, if those amounts are not used as the basis for any other tax deduction, exemption, or credit and not otherwise required to be added back when computing the taxpayer's base income. Effective immediately.

Actions

Date	Chamber	Action
12/16/2022	House	Prefiled with Clerk by Rep. La Shawn K. Ford
1/12/2023	House	First Reading
1/12/2023	House	Referred to Rules Committee
2/28/2023	House	Assigned to Revenue & Finance Committee
3/9/2023	House	To Revenue-Income Tax Subcommittee
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee

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