HB 318 Illinois House · 101st Regular Session

INC TX-OPPORTUNITY FUND

Summary
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, 2020. 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 $100,000,000 per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2019
Committee Review
Floor Vote
Governor
Introduced Jan 10, 2019 Last action Mar 29, 2019
Floor votes

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Full legislative history

Actions timeline

Total actions
6
Key actions
0
Committee
4
Mar 29, 2019
House · Referred to committee
Rule 19(a) / Re-referred to Rules Committee
Feb 14, 2019
House · Reported by committee
To Income Tax Subcommittee
Feb 5, 2019
House · Referred to committee
Assigned to Revenue & Finance Committee
Jan 10, 2019
House · Referred to committee
Referred to Rules Committee
0 primary · 1 co-sponsor

Sponsors

Role
Legislator
Party
State
District
Co
Photo of David McSweeney
David McSweeney
RRepublican
IL
52