Illinois General Assembly - Bill Status for HB5208

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Bill Status of HB5208 101st General Assembly

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Short Description: INC TX-INVESTMENT CREDIT

House Sponsors
Rep. Keith R. Wheeler

Last Action

Date	Chamber	Action
1/13/2021	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/232 new

35 ILCS 735/3-3

from Ch. 120, par. 2603-3

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $45,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.

Actions

Date	Chamber	Action
2/14/2020	House	Filed with the Clerk by Rep. Keith R. Wheeler
2/18/2020	House	First Reading
2/18/2020	House	Referred to Rules Committee
1/13/2021	House	Session Sine Die

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