Illinois General Assembly - Bill Status for HB1824

Tax Credit and Incentives Subcommittee Hearing Mar 20 2025 8:05AM Capitol Building 114 and Virtual Room 1 Springfield, IL
Tax Credit and Incentives Subcommittee Hearing Mar 20 2025 2:05PM Stratton Building Room D-1 Springfield, IL
Revenue & Finance Committee Hearing Mar 20 2025 8:00AM Capitol Building 114 and Virtual Room 1 Springfield, IL
Revenue & Finance Committee Hearing Mar 20 2025 2:00PM Stratton Building Room D-1 Springfield, IL

Last Action

Date	Chamber	Action
3/3/2025	House	To Tax Credit and Incentives Subcommittee

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/203

from Ch. 120, par. 2-203

Synopsis As Introduced
Creates the Master Development Plan Recognition Act. Provides that certain contributions made by the State or units of local government are considered made pursuant to a master development plan within the meaning of Section 118 of the Internal Revenue Code of 1986. Amends the Illinois Income Tax Act. Creates a deduction for capital contributions that are made pursuant to a master development plan and that are included in the taxpayer's federal taxable income for the taxable year under Section 118 of the Internal Revenue Code. Effective immediately.

Actions

Date	Chamber	Action
1/28/2025	House	Filed with the Clerk by Rep. Jay Hoffman
1/28/2025	House	First Reading
1/28/2025	House	Referred to Rules Committee
2/25/2025	House	Assigned to Revenue & Finance Committee
3/3/2025	House	To Tax Credit and Incentives Subcommittee

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