Bill Title: 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.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2022-11-22 - Added Co-Sponsor Rep. Adam Niemerg [HB5353 Detail]

Text: Latest bill text (Introduced) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Blaine Wilhour [R]	Primary	Sponsored Bills	HD-110	FollowTheMoney	Ballotpedia	VoteSmart
Representative Adam Niemerg [R]	Cosponsor	Sponsored Bills	HD-102	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL HB5353