Illinois HB 3621: INC TX-OPPORTUNITY ZONES

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3621

Introduced 2/18/2025, by Rep. Justin Slaughter 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/235 new

 Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the investment made by the taxpayer during the taxable year in a Qualified Opportunity Fund. Provides that no such credit may be taken for any taxable year that begins prior to January 1, 2025. Provides that excess credits may be carried forward or back. Provides that the aggregate amount of the Qualified Opportunity Fund tax credit shall be limited to $10,000 per taxpayer per calendar year. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

LRB104 10701 HLH 20780 b

A BILL FOR

HB3621LRB104 10701 HLH 20780 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5adding Section 235 as follows:

6 (35 ILCS 5/235 new)

7 Sec. 235. Qualified Opportunity Fund credit. 

8 (a) As used in this Section: 

9 "Applicant" means a corporation, partnership, limited 

10liability company, or a natural person that makes an 

11investment in a Qualified Opportunity Fund established under 

12Section 1400Z-2 of the Internal Revenue Code. 

13 "Claimant" means an applicant that is awarded a credit 

14under this Section by the Department. 

15 "Department" means the Department of Commerce and Economic 

16Opportunity. 

17 (b) A claimant may claim a credit against the tax imposed 

18under subsections (a) and (b) of Section 201 of this Act in an 

19amount equal to the claimant's investment during the taxable 

20year in a Qualified Opportuni