Illinois House Bill 998 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates an income tax deduction in an amount equal to any federal deduction disallowed pursuant to Section 280E of the Internal Revenue Code related to the production and distribution of adult-use cannabis products by an entity licensed under the Cannabis Regulation and Tax Act, if those amounts are not used as the basis for any other tax deduction, exemption, or credit and not otherwise required to be added back when computing the taxpayer's base income. Effective immediately.

INC TAX-CANNABIS

Rep. LaShawn Ford [D]

Date	Chamber	Action
2025-01-07	House	Session Sine Die
2023-03-10	House	Rule 19(a) / Re-referred to Rules Committee
2023-03-09	House	To Revenue-Income Tax Subcommittee
2023-02-28	House	Assigned to Revenue & Finance Committee
2023-01-12	House	Referred to Rules Committee
2023-01-12	House	First Reading
2022-12-16	House	Prefiled with Clerk by Rep. La Shawn K. Ford

Chapter	Article	Section	Citation Type	Statute Text
35	5	203	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=998&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB0998.htm