INC TX-OPPORTUNITY ZONES

What it does

The legislature's own summary of the bill, or its official long title.

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, 2023. 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 $10,000 per taxpayer per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Every action

6 steps, oldest first, as the legislature records them.

1. Feb 17, 2023HouseFiled with the Clerk by Rep. Justin Slaughter
2. Feb 17, 2023HouseFirst Reading
3. Feb 17, 2023CommitteeReferred to Rules Committee · House Rules
4. Mar 12, 2024CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
5. Apr 5, 2024CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
6. Jan 7, 2025HouseSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

• Justin SlaughterD Primary sponsor · District 27