Illinois General Assembly - Bill Status for HB5252
Illinois General Assembly

Previous General Assemblies

 Bill Status of HB5252  102nd General Assembly


Short Description:  INC TX-INVESTMENT CREDIT

House Sponsors
Rep. Keith R. Wheeler

Last Action
DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/232 new
35 ILCS 735/3-3from Ch. 120, par. 2603-3


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $45,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.

Actions 
DateChamber Action
  1/27/2022HouseFiled with the Clerk by Rep. Keith R. Wheeler
  1/31/2022HouseFirst Reading
  1/31/2022HouseReferred to Rules Committee
  1/10/2023HouseSession Sine Die

Back To Top