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, 2025. 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 7, 2025HouseFiled with the Clerk by Rep. Justin Slaughter
2. Feb 18, 2025HouseFirst Reading
3. Feb 18, 2025CommitteeReferred to Rules Committee · House Rules
4. Mar 11, 2025CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
5. Mar 13, 2025CommitteeTo Income Tax Subcommittee · House Income Tax Subcommittee
6. Mar 21, 2025CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

• Justin SlaughterD Primary sponsor · District 27