INC TX-BUSINESS DEVELOPMENT Senate SponsorsSen. Chuck Weaver-Napoleon Harris, III 1/10/2017SenateSession Sine Die New Act35 ILCS 5/224 newCreates the Business and Employment Development Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity may certify a business as eligible for an income tax credit under the Act and may award credits to certified businesses. Sets forth the amount of the credit, which is calculated as a percentage of the wages paid to new or retained full-time and part-time employees. Provides that the duration of the credit is 5 taxable years, except that the credit may be carried forward for 5 years. Contains provisions concerning recapture of the credit. Amends the Illinois Income Tax Act to make conforming changes. Provides that the Business and Employment Development Tax Credit is exempt from the Act's automatic sunset provision. Effective immediately. 2/18/2016SenateFiled with Secretary by Sen. Chuck Weaver 2/18/2016SenateFirst Reading 2/18/2016SenateReferred to Assignments 3/8/2016SenateAssigned to Revenue 3/10/2016SenateTo Subcommittee on Tax Credits 3/31/2016SenateAdded as Chief Co-Sponsor Sen. Napoleon Harris, III 4/8/2016SenateRule 2-10 Committee Deadline Established As April 22, 2016 4/22/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016 5/13/2016SenateRule 3-9(a) / Re-referred to Assignments 1/10/2017SenateSession Sine Die