Illinois General Assembly - Bill Status for HB3797

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, 2023. 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 $10,000 per taxpayer per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Actions

Date	Chamber	Action
2/17/2023	House	Filed with the Clerk by Rep. Justin Slaughter
2/17/2023	House	First Reading
2/17/2023	House	Referred to Rules Committee
3/12/2024	House	Assigned to Revenue & Finance Committee
4/5/2024	House	Rule 19(a) / Re-referred to Rules Committee

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