Illinois General Assembly - Bill Status for HB5353
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 Bill Status of HB5353  102nd General Assembly


Short Description:  INVEST IN KIDS-CREDIT AMT

House Sponsors
Rep. Blaine Wilhour

Last Action
DateChamber Action
  1/31/2022HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 40/10
35 ILCS 40/65
35 ILCS 40/995 rep.


Synopsis As Introduced
Amends the Invest in Kids Act. Provides that the credit shall be equal to 100% (currently, 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 (currently, $1,000,000) per taxpayer. Provides that the aggregate credit cap per year may not exceed $100,000,000 (currently, $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. Provides that the credit applies on a permanent basis. Effective immediately.

Actions 
DateChamber Action
  1/28/2022HouseFiled with the Clerk by Rep. Blaine Wilhour
  1/31/2022HouseFirst Reading
  1/31/2022HouseReferred to Rules Committee

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