Illinois General Assembly - Bill Status for HB5353

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Bill Status of HB5353 102nd General Assembly

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Short Description: INVEST IN KIDS-CREDIT AMT

House Sponsors
Rep. Blaine Wilhour and Adam Niemerg

Last Action

Date	Chamber	Action
1/10/2023	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 40/10

35 ILCS 40/65

35 ILCS 40/995 rep.

Synopsis As Introduced
Amends the Invest in Kids Act. Provides that the credit shall be equal to 100% (currently, 75%) of the total amount of qualified contributions made by the taxpayer during a taxable year, not to exceed a credit of $1,333,333 (currently, $1,000,000) per taxpayer. Provides that the aggregate credit cap per year may not exceed $100,000,000 (currently, $75,000,000). Provides that the cap shall be increased by 20% beginning on the first day of a calendar year if, in at least 2 of the previous 3 calendar years, the cap was reached. Provides that the credit applies on a permanent basis. Effective immediately.

Actions

Date	Chamber	Action
1/28/2022	House	Filed with the Clerk by Rep. Blaine Wilhour
1/31/2022	House	First Reading
1/31/2022	House	Referred to Rules Committee
11/22/2022	House	Added Co-Sponsor Rep. Adam Niemerg
1/10/2023	House	Session Sine Die

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