HB3211 Summary

• Creates a tax credit against Illinois income tax for investments made in Qualified Opportunity Funds established under federal Internal Revenue Code Section 1400Z-2.

• Credit amount equals the taxpayer's investment in a Qualified Opportunity Fund during the taxable year, with a maximum cap of $10,000 per taxpayer per calendar year.

• No credits may be claimed for taxable years beginning before January 1, 2020; excess credits may be carried forward 5 years or carried back 3 years.

• Excess credits that exceed tax liability may be transferred by the taxpayer within one year after the credit is awarded, subject to Department of Commerce and Economic Opportunity rules.

• Credit is exempt from Illinois Income Tax Act's automatic sunset provision and takes effect immediately upon becoming law.