Bill Status of HB4565  103rd General Assembly

Short Description:  INC TX-BIOBASED PRODUCTS

House Sponsors
Rep. Ryan Spain

Last Action
DateChamber Action
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/241 new


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 
DateChamber Action
  1/23/2024HouseFiled with the Clerk by Rep. Ryan Spain
  1/31/2024HouseFirst Reading
  1/31/2024HouseReferred to Rules Committee
  3/5/2024HouseAssigned to Revenue & Finance Committee
  3/8/2024HouseTo Revenue-Income Tax Subcommittee
  4/2/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Ryan Spain
  4/2/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  4/3/2024HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee
  4/5/2024HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee