INC TX-BIOBASED PRODUCTS

What it does

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

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.

Every action

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

1. Jan 23, 2024HouseFiled with the Clerk by Rep. Ryan Spain
2. Jan 31, 2024HouseFirst Reading
3. Jan 31, 2024CommitteeReferred to Rules Committee · House Rules
4. Mar 5, 2024CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
5. Mar 8, 2024CommitteeTo Revenue-Income Tax Subcommittee · House Income Tax Subcommittee
6. Apr 2, 2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Ryan Spain
7. Apr 2, 2024CommitteeHouse Committee Amendment No. 1 Referred to Rules Committee · House Rules
8. Apr 3, 2024CommitteeHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee · House Revenue & Finance
9. Apr 5, 2024CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
10. Apr 5, 2024CommitteeHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee · House Rules
11. Jan 7, 2025HouseSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

• Ryan SpainR Primary sponsor · District 73