Illinois House Bill 5353 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 28 2022 - 25% progression, died in committee
Action: 2022-11-22 - Added Co-Sponsor Rep. Adam Niemerg
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

INVEST IN KIDS-CREDIT AMT

Rep. Blaine Wilhour [R]

Rep. Adam Niemerg [R]

Date	Chamber	Action
2022-11-22	House	Added Co-Sponsor Rep. Adam Niemerg
2022-01-31	House	Referred to Rules Committee
2022-01-31	House	First Reading
2022-01-28	House	Filed with the Clerk by Rep. Blaine Wilhour

Chapter	Article	Section	Citation Type	Statute Text
35	40	10	Amended Code	Citation Text
35	40	65	Amended Code	Citation Text
35	40	995	Repealed Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5353&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB5353.htm