Bill Text: IL HB5353 | 2021-2022 | 102nd General Assembly | Introduced
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]
Download: Illinois-2021-HB5353-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Invest in Kids Act is amended by changing | |||||||||||||||||||||||
5 | Sections 10 and 65 as follows:
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6 | (35 ILCS 40/10) | |||||||||||||||||||||||
7 | (Section scheduled to be repealed on January 1, 2025)
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8 | Sec. 10. Credit awards. | |||||||||||||||||||||||
9 | (a) The Department shall award credits against the tax | |||||||||||||||||||||||
10 | imposed under subsections (a) and (b) of Section 201 of the | |||||||||||||||||||||||
11 | Illinois Income Tax Act to taxpayers who make qualified | |||||||||||||||||||||||
12 | contributions. For contributions made under this Act, the | |||||||||||||||||||||||
13 | credit shall be equal to 100% 75% of the total amount of
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14 | qualified contributions made by the taxpayer during a taxable | |||||||||||||||||||||||
15 | year, not to exceed a credit of $1,333,333 $1,000,000 per | |||||||||||||||||||||||
16 | taxpayer.
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17 | (b) The aggregate amount of all credits the Department may | |||||||||||||||||||||||
18 | award under this Act in any calendar year may not exceed | |||||||||||||||||||||||
19 | $100,000,000 $75,000,000 . The aggregate credit cap under this | |||||||||||||||||||||||
20 | subsection (b) shall be increased by 20% beginning on the | |||||||||||||||||||||||
21 | first day of a calendar year if, in at least 2 of the previous | |||||||||||||||||||||||
22 | 3 calendar years, the applicable aggregate credit cap under | |||||||||||||||||||||||
23 | this subsection (b) was reached. |
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1 | (c) Contributions made by corporations (including | ||||||
2 | Subchapter S corporations), partnerships, and trusts under | ||||||
3 | this Act may not be directed to a particular subset of schools, | ||||||
4 | a particular school, a particular group of students, or a | ||||||
5 | particular student.
Contributions made by individuals under | ||||||
6 | this Act may be directed to a particular subset of schools or a | ||||||
7 | particular school but may not be directed to a particular | ||||||
8 | group of students or a particular student. | ||||||
9 | (d) No credit shall be taken under this Act for any | ||||||
10 | qualified contribution for which the taxpayer claims a federal | ||||||
11 | income tax deduction. | ||||||
12 | (e) Credits shall be awarded in a manner, as determined by | ||||||
13 | the Department, that is geographically proportionate to | ||||||
14 | enrollment in recognized non-public schools in Illinois. If | ||||||
15 | the cap on the aggregate credits that may be awarded by the | ||||||
16 | Department is not reached by June 1 of a given year, the | ||||||
17 | Department shall award remaining credits on a first-come, | ||||||
18 | first-served basis, without regard to the limitation of this | ||||||
19 | subsection.
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20 | (f) Credits awarded for donations made to a technical | ||||||
21 | academy shall be awarded without regard to subsection (e), but | ||||||
22 | shall not exceed 15% of the annual statewide program cap. For | ||||||
23 | the purposes of this subsection, "technical academy" means a | ||||||
24 | technical academy that is registered with the Board within 30 | ||||||
25 | days after the effective date of this amendatory Act of the | ||||||
26 | 102nd General Assembly. |
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1 | (Source: P.A. 102-16, eff. 6-17-21.)
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2 | (35 ILCS 40/65) | ||||||
3 | (Section scheduled to be repealed on January 1, 2025)
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4 | Sec. 65. Credit period; repeal. | ||||||
5 | (a) A taxpayer may take a credit under this Act for tax | ||||||
6 | years beginning on or after January 1, 2018 and ending before | ||||||
7 | January 1, 2024. A taxpayer may not take a credit pursuant to | ||||||
8 | this Act for tax years beginning on or after January 1, 2024 .
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9 | (b) This Act is exempt from the provisions of Section 250 | ||||||
10 | of the Illinois Income Tax Act repealed on January 1, 2025 .
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11 | (Source: P.A. 102-16, eff. 6-17-21.)
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12 | (35 ILCS 40/995 rep.) | ||||||
13 | Section 10. The Invest in Kids Act is amended by repealing | ||||||
14 | Section 995.
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15 | Section 99. Effective date. This Act takes effect upon | ||||||
16 | becoming law.
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