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Creates the Master Development Plan Recognition Act. Provides that certain contributions made by the State or units of local government are considered made pursuant to a master development plan within the meaning of Section 118 of the Internal Revenue Code of 1986. Amends the Illinois Income Tax Act. Creates a deduction for capital contributions that are made pursuant to a master development plan and that are included in the taxpayer's federal taxable income for the taxable year under Section 118 of the Internal Revenue Code. Effective immediately.
Introduced
Jan 28, 2025
Last Action
Apr 11, 2025
Session
IL 104th
Sponsors
1 primary · 0 co
Rule 19(a) / Re-referred to Rules Committee
Second Reading - Short Debate
Held on Calendar Order of Second Reading - Short Debate
Reported Back To Revenue & Finance Committee;
Recommends Do Pass Subcommittee/ Revenue & Finance Committee; 004-000-000
Do Pass / Short Debate Revenue & Finance Committee; 013-007-000
Placed on Calendar 2nd Reading - Short Debate
To Tax Credit and Incentives Subcommittee
Assigned to Revenue & Finance Committee
Referred to Rules Committee
First Reading
Filed with the Clerk by Rep. Jay Hoffman
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Rule 19(a) / Re-referred to Rules Committee