Date	Chamber	Action
1/12/2011	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/203

from Ch. 120, par. 2-203

35 ILCS 5/221 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 2% of the basis of certain property used for manufacturing, mining, or retail that is placed in service during the taxable year. Provides for an additional credit equal to 2% of the basis of the qualified property if the taxpayer meets certain employment criteria. Provides that, if the property ceases to be qualified property in the hands of the taxpayer within 48 months after being placed in service, or if the situs of any qualified property is moved outside Illinois within 48 months after being placed in service, then the taxpayer's base income for the taxable year in which the property is moved or ceases to be qualified property shall be increased by the amount of the credit previously awarded to the taxpayer that is attributable to that property. Contains other provisions. Effective immediately.

Actions 

Date	Chamber	Action
11/10/2010	Senate	Filed with Secretary by Sen. John G. Mulroe
11/10/2010	Senate	First Reading
11/10/2010	Senate	Referred to Assignments
1/12/2011	Senate	Session Sine Die

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