Illinois HB3621 amends the Illinois Income Tax Act to create a tax credit for investments in Qualified Opportunity Funds.
HB3621 amends the Illinois Income Tax Act to create a tax credit for investments in Qualified Opportunity Funds. The credit is equal to the amount invested by the taxpayer in a Qualified Opportunity Fund during the taxable year. The credit cannot be claimed for any taxable year beginning before January 1, 2025. If the credit exceeds the taxpayer's Illinois income tax liability for the year, the excess can be carried forward for five years or carried back for three years. The credit is limited to $10,000 per taxpayer per calendar year and is exempt from the Act's automatic sunset provision.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.