DCEO-MASTER PLAN
Summary
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 17, 2024
Last action May 31, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
9
Key actions
1
Committee
4
May 31, 2024
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 8, 2024
Lower · Passed
To Revenue - Tax Credit and Incentives Subcommittee
lower
Feb 14, 2024
Committee
Assigned to Revenue & Finance Committee
lower
Jan 31, 2024
Committee
Referred to Rules Committee
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Jay Hoffman
DDemocratic
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