INC TX-CAPITAL GAINS CREDIT
Summary
Amends the Illinois Income Tax Act. Provides that a taxpayer shall be allowed an income tax credit equal to 50% of the taxpayer's qualified investments in a qualified business during the taxable year. Defines "qualified investments" and "qualified business". Provides that any credit not usable for the taxable year may be carried over for the next 15 succeeding taxable years. Provides that the amount of tax credit available for a calendar year shall be $5,000,000. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2014
Committee Review
Floor Vote
Governor
Introduced Feb 14, 2014
Last action Dec 3, 2014
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
0
Committee
3
Dec 3, 2014
House · Failed
Session Sine Die
Mar 28, 2014
House · Referred to committee
Rule 19(a) / Re-referred to Rules Committee
Mar 13, 2014
House · Referred to committee
Assigned to Revenue & Finance Committee
Feb 14, 2014
House · Referred to committee
Referred to Rules Committee
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Dennis M. Reboletti
RRepublican
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