INC TX-OPPORTUNITY ZONES
Sponsored By: Justin Slaughter (Democratic)
In Committee
Summary
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Justin Slaughter
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Rule 19(a) / Re-referred to Rules Committee
3/21/2025HouseTo Income Tax Subcommittee
3/13/2025HouseAssigned to Revenue & Finance Committee
3/11/2025HouseReferred to Rules Committee
2/18/2025HouseFirst Reading
2/18/2025HouseFiled with the Clerk by Rep. Justin Slaughter
2/7/2025House
Bill Text
Introduced
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