IL HB3621

Creates a state income tax credit equal to the amount invested in a Qualified Opportunity Fund, capped at $10,000 per taxpayer per year

Eligible applicants include corporations, partnerships, limited liability companies, and individuals who invest in federally-designated Qualified Opportunity Funds under Section 1400Z-2 of the Internal Revenue Code

Credits apply to taxable years beginning on or after January 1, 2025, with excess credits eligible to be carried forward for 5 years or carried back for 3 years

Allows taxpayers to transfer the credit to another party within one year of being awarded the credit

Exempts the credit from the automatic sunset provision that applies to other tax credits under the Illinois Income Tax Act