INC TAX-CANNABIS

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 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.

Every action

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

1. Dec 16, 2022HousePrefiled with Clerk by Rep. La Shawn K. Ford
2. Jan 12, 2023HouseFirst Reading
3. Jan 12, 2023CommitteeReferred to Rules Committee · House Rules
4. Feb 28, 2023CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
5. Mar 9, 2023CommitteeTo Revenue-Income Tax Subcommittee · House Income Tax Subcommittee
6. Mar 10, 2023CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
7. Jan 7, 2025HouseSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

• La Shawn K. FordD Primary sponsor · District 8