IVCA Provides Updates for State Legislative Issues – 11/20/2024
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, November 20, 2024
IVCA WORK ON QIP CONTINUES
The IVCA is in ongoing discussions with the Illinois Department of Revenue and other stakeholders regarding the decision by the department to deny a Foreign Tax Credit to some taxpayers as the result of the expanded partnership definition passed in 2023. A proposed solution is being developed which may be up for consideration at the beginning of 2025 in the legislature’s “Lame Duck” session:
Beginning with tax years ending on or after December 31, 2024, this subsection shall be applied without regard to subsection (c-5) of Section 305.
We will keep you posted. If your tax professional or legal counsel would like more information, please have them contact IVCA Executive Director Christie Pruyn.
STATUS QUO
Despite millions of dollars spent the Illinois General Assembly returned every incumbent from both parties who wished to return. There is a north suburban race which has narrowed to a 47-vote margin in favor of incumbent Republican Representative Marty McLaughlin. That one may be headed to a recount.
QUIET VETO SESSION
Illinois legislators are in Springfield today and tomorrow for the Veto Session. The election outcome which dampened the spirits of Illinois Democrats may have something to do with that. The legislative chambers are taking up a few bills which have deadlines or are otherwise necessary but there are no big issues being addressed. There is discussion of taking up measures in the “Lame Duck” session at the end of the year to “Trump-proof” as Democrats describe it policies in place in Illinois which may be under scrutiny in the 47th presidential administration.
SPEAKER TRIAL ROUNDUP