|
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB2833 Introduced 1/30/2014, by Sen. Julie A. Morrison SYNOPSIS AS INTRODUCED:
|
| |
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that no more than $161,000,000 in credits may be awarded under this Act in State Fiscal Year 2015 or any State fiscal year thereafter. Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | SB2833 | | LRB098 16083 HLH 51138 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Economic Development for a Growing Economy |
| 5 | | Tax Credit Act is amended by changing Section 5-45 as follows:
|
| 6 | | (35 ILCS 10/5-45)
|
| 7 | | Sec. 5-45. Amount and duration of the credit.
|
| 8 | | (a) The Department shall
determine the amount and
duration |
| 9 | | of the credit awarded under this Act. The duration of the
|
| 10 | | credit may not exceed 10 taxable years.
The credit may be |
| 11 | | stated as
a percentage of the Incremental Income Tax |
| 12 | | attributable
to the applicant's project and may include a fixed |
| 13 | | dollar limitation.
|
| 14 | | (b) Notwithstanding subsection (a),
and except as the |
| 15 | | credit may be applied in a carryover year pursuant to Section
|
| 16 | | 211(4) of the Illinois Income Tax Act, the credit may be |
| 17 | | applied against the
State income tax liability in more than 10 |
| 18 | | taxable years but not in more than
15 taxable years for an |
| 19 | | eligible business
that (i) qualifies under this Act
and the |
| 20 | | Corporate Headquarters Relocation Act and has in fact |
| 21 | | undertaken a
qualifying project within the time frame specified |
| 22 | | by the Department of
Commerce and Economic Opportunity under |
| 23 | | that Act, and (ii) applies against its
State income tax |