Illinois General Assembly - Bill Status for HB1642

Synopsis As Introduced
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.

Actions

Date	Chamber	Action
2/1/2023	House	Filed with the Clerk by Rep. Blaine Wilhour
2/1/2023	House	First Reading
2/1/2023	House	Referred to Rules Committee
2/15/2023	House	Assigned to Revenue & Finance Committee
2/23/2023	House	To Revenue - Tax Credit and Incentives Subcommittee
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee
3/16/2023	House	Added Co-Sponsor Rep. Chris Miller
5/10/2023	House	Added Co-Sponsor Rep. Dan Caulkins
5/16/2023	House	Added Co-Sponsor Rep. Adam M. Niemerg
5/16/2023	House	Added Co-Sponsor Rep. Brad Halbrook
5/16/2023	House	Added Co-Sponsor Rep. Jed Davis
5/16/2023	House	Added Co-Sponsor Rep. David Friess
5/18/2023	House	Added Co-Sponsor Rep. Ryan Spain

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