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IL HB4960

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Maura Hirschauer

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Creates an income tax credit for taxpayers who contribute to domestic violence shelters or service programs administered by the Department of Human Services, equal to 70% of the contribution amount, capped at $50,000 per taxpayer per taxable year
  • Applies to tax years beginning on or after January 1, 2025
  • Requires a minimum contribution of $100 in the taxable year to claim the credit
  • Allows excess credits that exceed tax liability to carry forward to the next taxable year, but credits cannot be assigned, transferred, or sold
  • Defines "contribution" as donations of cash, stock, bonds, other marketable securities, or real property

Legislative Description

INC TX-SHELTER CREDIT

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules4/5/2024
Revenue: Income Tax3/8/2024
Revenue & Finance2/28/2024
Rules2/7/2024

Full Bill Text

No bill text available