Illinois General Assembly - Bill Status for HB5002
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 Bill Status of HB5002  100th General Assembly


Short Description:  INC TX-INVESTMENT CREDIT

House Sponsors
Rep. Keith R. Wheeler - Patricia R. Bellock

Last Action
DateChamber Action
  1/8/2019HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/227 new
35 ILCS 735/3-3from Ch. 120, par. 2603-3


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $45,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.

Actions 
DateChamber Action
  2/14/2018HouseFiled with the Clerk by Rep. Keith R. Wheeler
  2/14/2018HouseFirst Reading
  2/14/2018HouseReferred to Rules Committee
  3/7/2018HouseAdded Chief Co-Sponsor Rep. Patricia R. Bellock
  1/8/2019HouseSession Sine Die

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