Bill Title: Amends the Illinois Income Tax Act. Provides that a taxpayer shall be allowed an income tax credit equal to 50% of the taxpayer's qualified investments in a qualified business during the taxable year. Defines "qualified investments" and "qualified business". Provides that any credit not usable for the taxable year may be carried over for the next 15 succeeding taxable years. Provides that the amount of tax credit available for a calendar year shall be $5,000,000. Effective immediately.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1498 Detail]

Text: Latest bill text (Introduced) [HTML]

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