Illinois General Assembly - Bill Status for HB1498
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 Bill Status of HB1498  98th General Assembly

Short Description:  INC TX-CAPITAL GAINS CREDIT

House Sponsors
Rep. Dwight Kay - Sandra M. Pihos - Wayne Rosenthal - Mike Fortner

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
  2/7/2013HouseFiled with the Clerk by Rep. Dwight Kay
  2/13/2013HouseFirst Reading
  2/13/2013HouseReferred to Rules Committee
  2/19/2013HouseAssigned to Revenue & Finance Committee
  3/11/2013HouseAdded Chief Co-Sponsor Rep. Sandra M. Pihos
  3/11/2013HouseAdded Chief Co-Sponsor Rep. Wayne Rosenthal
  3/11/2013HouseAdded Chief Co-Sponsor Rep. Mike Fortner
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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