Bill No. HB5353
Bill ID
1575875
State
IL
Title
INVEST IN KIDS-CREDIT AMT
Description
Amends the Invest in Kids Act. Provides that the credit shall be equal to 100% (currently, 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 (currently, $1,000,000) per taxpayer. Provides that the aggregate credit cap per year may not exceed $100,000,000 (currently, $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. Provides that the credit applies on a permanent basis. Effective immediately.
Bill Type
Bill
Category
Program Expansion, Change to Program
Session
102nd General Assembly
Special Session
No Data Available
Current Status
Introduced
Status Last Updated
2022-01-28
Pending Committee
Calendar
No data available
Sponsors
Texts
Votes
No data available
Amendments
No data available
Supplements
No data available