Bill No. HB1642
Bill ID
1689967
State
IL
Title
IL HB1642 - INVEST IN KIDS-CREDIT AMT
Description
Amends the Invest in Kids Act. Provides that the credit shall be equal to 100% (rather than 75%) of the total amount of qualified contributions made by the taxpayer during a taxable year, not to exceed a credit of $1,333,333 (rather than $1,000,000) per taxpayer. Provides that the aggregate credit cap per year may not exceed $100,000,000 (rather than $75,000,000). Provides that the cap shall be increased by 20% beginning on the first day of a calendar year if, in at least 2 of the previous 3 calendar years, the cap was reached. Removes language limiting the credit to tax years ending before January 1, 2024 and repealing the Act on January 1, 2025. Provides that the Act is exempt from the sunset provisions of the Illinois Income Tax Act. Repeals an inseverability clause. Effective immediately.
Bill Type
Bill
Category
Tax Credit Vouchers, Change to Program
Session
103rd General Assembly
Special Session
No Data Available
Current Status
Failed
Status Last Updated
2025-01-07
Pending Committee
Calendar
No data available
Sponsors
Texts
Votes
No data available
Amendments
No data available
Supplements
No data available