Full Text of HB1257 103rd General Assembly
HB1257 103RD GENERAL ASSEMBLY |
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB1257 Introduced 1/31/2023, by Rep. Joe C. Sosnowski - Adam M. Niemerg and Travis Weaver SYNOPSIS AS INTRODUCED: |
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Amends the Invest in Kids Act. Provides that, for taxable years beginning on or after January 1, 2023, the credit shall be equal to 100% (rather than 75%) of the total amount of
qualified contributions made by the taxpayer during the taxable year, not to exceed a credit of $1,000,000 per taxpayer. Effective immediately.
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| | A BILL FOR |
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| | | HB1257 | | LRB103 05310 SPS 50328 b |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Invest in Kids Act is amended by changing | 5 | | Section 10 as follows: | 6 | | (35 ILCS 40/10) | 7 | | (Section scheduled to be repealed on January 1, 2025)
| 8 | | Sec. 10. Credit awards. | 9 | | (a) The Department shall award credits against the tax | 10 | | imposed under subsections (a) and (b) of Section 201 of the | 11 | | Illinois Income Tax Act to taxpayers who make qualified | 12 | | contributions. For taxable years ending on or before December | 13 | | 31, 2022, for For contributions made under this Act, the | 14 | | credit shall be equal to 75% of the total amount of
qualified | 15 | | contributions made by the taxpayer during a taxable year, not | 16 | | to exceed a credit of $1,000,000 per taxpayer.
For taxable | 17 | | years beginning on or after January
1, 2023, for contributions | 18 | | made under this Act, the credit shall be equal to 100% of the | 19 | | total amount of
qualified contributions made by the taxpayer | 20 | | during a taxable year, not to exceed a credit of $1,000,000 per | 21 | | taxpayer. | 22 | | (b) The aggregate amount of all credits the Department may | 23 | | award under this Act in any calendar year may not exceed |
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| 1 | | $75,000,000. | 2 | | (c) Contributions made by corporations (including | 3 | | Subchapter S corporations), partnerships, and trusts under | 4 | | this Act may not be directed to a particular subset of schools, | 5 | | a particular school, a particular group of students, or a | 6 | | particular student.
Contributions made by individuals under | 7 | | this Act may be directed to a particular subset of schools or a | 8 | | particular school but may not be directed to a particular | 9 | | group of students or a particular student. | 10 | | (d) No credit shall be taken under this Act for any | 11 | | qualified contribution for which the taxpayer claims a federal | 12 | | income tax deduction. | 13 | | (e) Credits shall be awarded in a manner, as determined by | 14 | | the Department, that is geographically proportionate to | 15 | | enrollment in recognized non-public schools in Illinois. If | 16 | | the cap on the aggregate credits that may be awarded by the | 17 | | Department is not reached by June 1 of a given year, the | 18 | | Department shall award remaining credits on a first-come, | 19 | | first-served basis, without regard to the limitation of this | 20 | | subsection.
| 21 | | (f) Credits awarded for donations made to a technical | 22 | | academy shall be awarded without regard to subsection (e), but | 23 | | shall not exceed 15% of the annual statewide program cap. For | 24 | | the purposes of this subsection, "technical academy" means a | 25 | | technical academy that is registered with the Board within 30 | 26 | | days after the effective date of this amendatory Act of the |
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| 1 | | 102nd General Assembly. | 2 | | (Source: P.A. 102-16, eff. 6-17-21.)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law.
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