Illinois General Assembly - Bill Status for HB5493
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 Bill Status of HB5493  98th General Assembly

Short Description:  INC TX-CAPITAL GAINS CREDIT

House Sponsors
Rep. Dwight Kay

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/224 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that a taxpayer shall be allowed an income tax credit equal to 50% of the taxpayer's qualified investments in a qualified business during the taxable year. Defines "qualified investments" and "qualified business". Provides that any credit not usable for the taxable year may be carried over for the next 15 succeeding taxable years. Provides that the amount of tax credit available for a calendar year shall be $5,000,000. Effective immediately.

Actions 
DateChamber Action
  2/13/2014HouseFiled with the Clerk by Rep. Dwight Kay
  2/13/2014HouseFirst Reading
  2/13/2014HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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