IL SB1388

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 during the taxable year; credit effective for taxable years beginning on or after January 1, 2020.

Excess credits may be carried forward up to 5 years or carried back up to 3 years and applied against tax liability.

Aggregate annual limit of $100,000,000 per calendar year allocated pro rata among qualified applicants; Department of Commerce and Economic Opportunity administers certification program.

Credit exempt from automatic sunset provisions; transfers of credit permitted within one year after award.