HB0318 Summary

• Creates a tax credit equal to investments made by taxpayers in Qualified Opportunity Funds established under Section 1400Z-2 of the Internal Revenue Code.

• Credits may only be claimed for taxable years beginning on or after January 1, 2020, with excess credits carried forward up to 5 years or carried back up to 3 years.

• Aggregate tax credits are capped at $100,000,000 per calendar year, allocated to qualified applicants on a pro rata basis through a Department of Commerce and Economic Opportunity certification program.

• Credits are transferable within one year after award and allowed to pass-through entities (partnerships and S-corporations) in proportion to ownership interests.

• Credit is exempt from the automatic sunset provision in Illinois tax law.