HB3621 - 104th General Assembly

INC TX-OPPORTUNITY ZONES
Last Action
3/21/2025 - House: Rule 19(a) / Re-referred to Rules Committee
House Sponsors
Rep. Justin Slaughter
Statutes Amended In Order of Appearance
35 ILCS 5/235 new
Synopsis As Introduced
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.
Actions
Date Chamber Action
2/07/2025 House Filed with the Clerk by Rep. Justin Slaughter
2/18/2025 House First Reading
2/18/2025 House Referred to Rules Committee
3/11/2025 House Assigned to Revenue & Finance Committee
3/13/2025 House To Income Tax Subcommittee
3/21/2025 House Rule 19(a) / Re-referred to Rules Committee