INC TAX-CANNABIS
Summary
Amends the Illinois Income Tax Act. Creates an income tax deduction in an amount equal to any federal deduction disallowed pursuant to Section 280E of the Internal Revenue Code related to the production and distribution of adult-use cannabis products by an entity licensed under the Cannabis Regulation and Tax Act, if those amounts are not used as the basis for any other tax deduction, exemption, or credit and not otherwise required to be added back when computing the taxpayer's base income. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Dec 2022
Committee Review
Floor Vote
Governor
Introduced Dec 16, 2022
Last action Mar 10, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
0
Committee
4
Mar 10, 2023
House · Referred to committee
Rule 19(a) / Re-referred to Rules Committee
Mar 9, 2023
House · Reported by committee
To Revenue-Income Tax Subcommittee
Feb 28, 2023
House · Referred to committee
Assigned to Revenue & Finance Committee
Jan 12, 2023
House · Referred to committee
Referred to Rules Committee
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
La Shawn Ford
DDemocratic
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