INC TX-BIOBASED PRODUCTS
Summary
Amends the Illinois Income Tax Act. Creates an income tax credit not to exceed 25% of the eligible costs incurred by the taxpayer during the taxable year in connection with the production of a biobased product. Provides that the Department of Commerce and Economic Opportunity shall award the credits. Provides that the total aggregate amount of credits awarded under those provisions shall not exceed $20,000,000 in any State fiscal year. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 23, 2024
Last action Apr 5, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
10
Key actions
2
Committee
7
Amendments
1
Apr 5, 2024
Committee
House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
lower
Apr 5, 2024
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Apr 3, 2024
Lower · Passed
House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
lower
Apr 2, 2024
Committee
House Committee Amendment No. 1 Referred to Rules Committee
lower
Apr 2, 2024
Introduced
House Committee Amendment No. 1 Filed with Clerk by Rep. Ryan Spain
lower
Mar 8, 2024
Lower · Passed
To Revenue-Income Tax Subcommittee
lower
Mar 5, 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
Ryan Spain
RRepublican
Ask Maddy
·
AI policy assistant
Ask Maddy about HB 4565
Scope: IL
Hi! I can help you understand HB 4565. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline