Illinois General Assembly - Bill Status for HB4496

Synopsis As Introduced
Creates the Master Development Plan Recognition Act. Provides that certain contributions made by the State or units of local government are considered made pursuant to a master development plan within the meaning of Section 118 of the Internal Revenue Code of 1986. Amends the Illinois Income Tax Act. Creates a deduction for capital contributions that are made pursuant to a master development plan and that are included in the taxpayer's federal taxable income for the taxable year under Section 118 of the Internal Revenue Code. Effective immediately.

Actions

Date	Chamber	Action
1/17/2024	House	Filed with the Clerk by Rep. Jay Hoffman
1/31/2024	House	First Reading
1/31/2024	House	Referred to Rules Committee
2/14/2024	House	Assigned to Revenue & Finance Committee
3/8/2024	House	To Revenue - Tax Credit and Incentives Subcommittee
4/5/2024	House	Committee/3rd Reading Deadline Extended-Rule May 24, 2024

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