Illinois 2023-2024 Regular Session

Illinois House Bill HB3797 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3797 Introduced , by Rep. Dave Severin SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the investment made by the taxpayer during the taxable year in a Qualified Opportunity Fund. Provides that no such credit may be taken for any taxable year that begins prior to January 1, 2023. Provides that excess credits may be carried forward or back. Provides that the aggregate amount of the Qualified Opportunity Fund tax credit shall be limited to $10,000 per taxpayer per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately. LRB103 30156 HLH 56580 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3797 Introduced , by Rep. Dave Severin SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the investment made by the taxpayer during the taxable year in a Qualified Opportunity Fund. Provides that no such credit may be taken for any taxable year that begins prior to January 1, 2023. Provides that excess credits may be carried forward or back. Provides that the aggregate amount of the Qualified Opportunity Fund tax credit shall be limited to $10,000 per taxpayer per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately. LRB103 30156 HLH 56580 b LRB103 30156 HLH 56580 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3797 Introduced , by Rep. Dave Severin SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the investment made by the taxpayer during the taxable year in a Qualified Opportunity Fund. Provides that no such credit may be taken for any taxable year that begins prior to January 1, 2023. Provides that excess credits may be carried forward or back. Provides that the aggregate amount of the Qualified Opportunity Fund tax credit shall be limited to $10,000 per taxpayer per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
6	6	LRB103 30156 HLH 56580 b LRB103 30156 HLH 56580 b
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8	8	A BILL FOR
9	9	HB3797LRB103 30156 HLH 56580 b HB3797 LRB103 30156 HLH 56580 b
10	10	HB3797 LRB103 30156 HLH 56580 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Qualified Opportunity Fund credit.
18	18	8 (a) As used in this Section:
19	19	9 "Applicant" means a corporation, partnership, limited
20	20	10 liability company, or a natural person that makes an
21	21	11 investment in a Qualified Opportunity Fund established under
22	22	12 Section 1400Z-2 of the Internal Revenue Code.
23	23	13 "Claimant" means an applicant that is awarded a credit
24	24	14 under this Section by the Department.
25	25	15 "Department" means the Department of Commerce and Economic
26	26	16 Opportunity.
27	27	17 (b) A claimant may claim a credit against the tax imposed
28	28	18 under subsections (a) and (b) of Section 201 of this Act in an
29	29	19 amount equal to the claimant's investment during the taxable
30	30	20 year in a Qualified Opportunity Fund established under Section
31	31	21 1400Z-2 of the Internal Revenue Code.
32	32	22 (c) Credits may be awarded for investments made on or
33	33	23 after the date on which the Qualified Opportunity Fund is
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3797 Introduced , by Rep. Dave Severin SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the investment made by the taxpayer during the taxable year in a Qualified Opportunity Fund. Provides that no such credit may be taken for any taxable year that begins prior to January 1, 2023. Provides that excess credits may be carried forward or back. Provides that the aggregate amount of the Qualified Opportunity Fund tax credit shall be limited to $10,000 per taxpayer per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
41	41	LRB103 30156 HLH 56580 b LRB103 30156 HLH 56580 b
42	42	LRB103 30156 HLH 56580 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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68	68	1 created; however, no credit may be taken for any taxable year
69	69	2 that begins prior to January 1, 2023. The credit under this
70	70	3 Section may not exceed the taxpayer's Illinois income tax
71	71	4 liability for the taxable year. If the amount of the credit
72	72	5 exceeds the tax liability for the year, then the excess may be
73	73	6 carried forward and applied to the tax liability of the 5
74	74	7 taxable years following the excess credit year or carried back
75	75	8 and applied to the tax liability of the 3 taxable years
76	76	9 immediately preceding the excess credit year. The credit shall
77	77	10 be applied to the earliest year for which there is a tax
78	78	11 liability. If there are credits from more than one tax year
79	79	12 that are available to offset a liability, the earlier credit
80	80	13 shall be applied first. In the case of a partnership or
81	81	14 Subchapter S Corporation, the credit is allowed to the
82	82	15 partners or shareholders in accordance with the determination
83	83	16 of income and distributive share of income under Sections 702
84	84	17 and 704 and Subchapter S of the Internal Revenue Code.
85	85	18 (d) A transfer of the credit may be made by the taxpayer,
86	86	19 in accordance with rules adopted by the Department, within one
87	87	20 year after the credit is awarded.
88	88	21 (e) In no event shall a credit under this Section exceed
89	89	22 $10,000 for any taxpayer in any taxable year.
90	90	23 (f) This Section is exempt from the provisions of Section
91	91	24 250.
92	92	25 Section 99. Effective date. This Act takes effect upon
93	93	26 becoming law.
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99	99	HB3797 - 2 - LRB103 30156 HLH 56580 b