102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 2/19/2021, by Rep. Justin Slaughter
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, 2022. 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.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
adding Section 232 as follows:
(35 ILCS 5/232 new)
Qualified Opportunity Fund credit.
(a) As used in this Section:
"Applicant" means a corporation, partnership, limited
liability company, or a natural person that makes an
investment in a Qualified Opportunity Fund established under
Section 1400Z-2 of the Internal Revenue Code.
"Claimant" means an applicant that is awarded a credit
under this Section by the Department.
"Department" means the Department of Commerce and Economic
(b) A claimant may claim a credit against the tax imposed
under subsections (a) and (b) of Section 201 of this Act in an
amount equal to the claimant's investment during the taxable
year in a Qualified Opportunity Fund established under Section
1400Z-2 of the Internal Revenue Code.
(c) Credits may be awarded for investments made on or
after the date on which the Qualified Opportunity Fund is