SB0224 103RD GENERAL ASSEMBLY

LRB103 25961 HLH 52313 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB0224

Introduced 1/31/2023, by Sen. Cristina Castro

SYNOPSIS AS INTRODUCED:

35 ILCS 40/65

Amends the Invest in Kids Act. Provides that no credit may be taken under the Act for a contribution made on or after June 30, 2023. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Invest in Kids Act is amended by changing Section 65 as follows:

(35 ILCS 40/65)

(Section scheduled to be repealed on January 1, 2025)

Sec. 65. Credit period; repeal.

(a) A taxpayer may take a credit under this Act for tax years beginning on or after January 1, 2018 and ending before January 1, 2024. A taxpayer may not take a credit pursuant to this Act for tax years beginning on or after January 1, 2024. Notwithstanding any other provision of law, no credit may be taken under this Act for a contribution made on or after June 30, 2023.

(b) This Act is repealed on January 1, 2025.

(Source: P.A. 102-16, eff. 6-17-21.)

Section 99. Effective date. This Act takes effect upon becoming law.