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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB0224 Introduced 1/31/2023, by Sen. Cristina Castro SYNOPSIS AS INTRODUCED:
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Amends the Invest in Kids Act. Provides that no credit may be taken under the Act for a contribution made on or after June 30, 2023. Effective immediately.
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| | A BILL FOR |
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| | SB0224 | | LRB103 25961 HLH 52313 b |
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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 | | Section 65 as follows:
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| 6 | | (35 ILCS 40/65) |
| 7 | | (Section scheduled to be repealed on January 1, 2025)
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| 8 | | Sec. 65. Credit period; repeal. |
| 9 | | (a) A taxpayer may take a credit under this Act for tax |
| 10 | | years beginning on or after January 1, 2018 and ending before |
| 11 | | January 1, 2024. A taxpayer may not take a credit pursuant to |
| 12 | | this Act for tax years beginning on or after January 1, 2024.
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| 13 | | Notwithstanding any other provision of law, no credit may be |
| 14 | | taken under this Act for a contribution made on or after June |
| 15 | | 30, 2023. |
| 16 | | (b) This Act is repealed on January 1, 2025.
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| 17 | | (Source: P.A. 102-16, eff. 6-17-21.)
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| 18 | | Section 99. Effective date. This Act takes effect upon |
| 19 | | becoming law.
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