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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3000 Introduced 1/5/2022, by Sen. Cristina Castro SYNOPSIS AS INTRODUCED:
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Amends the Invest in Kids Act. Provides that the Act applies for taxable years ending before January 1, 2023 (currently, January 1, 2024). Makes a corresponding change concerning the repeal of the Act.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB3000 | | LRB102 21791 HLH 30910 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Invest in Kids Act is amended by changing |
| 5 | | Section 65 as follows:
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| 6 | | (35 ILCS 40/65) |
| 7 | | (Section scheduled to be repealed on January 1, 2025)
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| 8 | | Sec. 65. Credit period; repeal. |
| 9 | | (a) A taxpayer may take a credit under this Act for tax |
| 10 | | years beginning on or after January 1, 2018 and ending before |
| 11 | | January 1, 2023 January 1, 2024. A taxpayer may not take a |
| 12 | | credit pursuant to this Act for tax years beginning on or after |
| 13 | | January 1, 2023 January 1, 2024.
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| 14 | | (b) This Act is repealed on January 1, 2024 January 1, |
| 15 | | 2025.
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| 16 | | (Source: P.A. 102-16, eff. 6-17-21.)
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