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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
(35 ILCS 5/243) Sec. 243. The Illinois Gives tax credit. (a) For taxable years ending on or after December 31, 2025 and ending before January 1, 2030, each taxpayer for whom a tax credit has been authorized by the Department of Revenue under the Illinois Gives Tax Credit Act is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 in an amount equal to the amount authorized under that Act. (b) For partners of partnerships and shareholders of Subchapter S corporations, there is allowed a credit under this Section to be determined in accordance with Section 251 of this Act. (c) The credit may not be carried back and may not reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.(Source: P.A. 103-592, Article 170, Section 170-90, eff. 6-7-24; 104-417, eff. 8-15-25.) |