Illinois General Assembly - Bill Status for HB4565

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit not to exceed 25% of the eligible costs incurred by the taxpayer during the taxable year in connection with the production of a biobased product. Provides that the Department of Commerce and Economic Opportunity shall award the credits. Provides that the total aggregate amount of credits awarded under those provisions shall not exceed $20,000,000 in any State fiscal year. Effective immediately.

Actions

Date	Chamber	Action
1/23/2024	House	Filed with the Clerk by Rep. Ryan Spain
1/31/2024	House	First Reading
1/31/2024	House	Referred to Rules Committee
3/5/2024	House	Assigned to Revenue & Finance Committee
3/8/2024	House	To Revenue-Income Tax Subcommittee
4/2/2024	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Ryan Spain
4/2/2024	House	House Committee Amendment No. 1 Referred to Rules Committee
4/3/2024	House	House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
4/5/2024	House	Rule 19(a) / Re-referred to Rules Committee
4/5/2024	House	House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

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