Illinois General Assembly - Full Text of Public Act 096-0836
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Public Act 096-0836


 

Public Act 0836 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0836
 
HB2414 Enrolled LRB096 03723 JAM 13752 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Income Tax Act is amended by adding
Sections 606 and 807 as follows:
 
    (35 ILCS 5/606 new)
    Sec. 606. EDGE payment. A payment includes a payment
provided for in subsection (f) of Section 5-15 of the Economic
Development for a Growing Economy Tax Credit Act.
 
    (35 ILCS 5/807 new)
    Sec. 807. EDGE payment. A payment includes a payment
provided for in subsection (f) of Section 5-15 of the Economic
Development for a Growing Economy Tax Credit Act.
 
    Section 10. The Economic Development for a Growing Economy
Tax Credit Act is amended by changing Section 5-15 as follows:
 
    (35 ILCS 10/5-15)
    Sec. 5-15. Tax Credit Awards. Subject to the conditions set
forth in this Act, a Taxpayer is entitled to a Credit against
or, as described in subsection (f) of this Section, a payment
towards taxes imposed pursuant to subsections (a) and (b) of
Section 201 of the Illinois Income Tax Act that may be imposed
on the Taxpayer for a taxable year beginning on or after
January 1, 1999, if the Taxpayer is awarded a Credit by the
Department under this Act for that taxable year.
    (a) The Department shall make Credit awards under this Act
to foster job creation and retention in Illinois.
    (b) A person that proposes a project to create new jobs in
Illinois must enter into an Agreement with the Department for
the Credit under this Act.
    (c) The Credit shall be claimed for the taxable years
specified in the Agreement.
    (d) The Credit shall not exceed the Incremental Income Tax
attributable to the project that is the subject of the
Agreement.
    (e) Nothing herein shall prohibit a Tax Credit Award to an
Applicant that uses a PEO if all other award criteria are
satisfied.
    (f) A pass-through entity that has been awarded a credit
under this Act, its shareholders, or its partners may treat
some or all of the credit awarded pursuant to this Act as a tax
payment for purposes of the Illinois Income Tax Act. The term
"tax payment" means a payment as described in Article 6 or
Article 8 of the Illinois Income Tax Act or a composite payment
made by a pass-through entity on behalf of any of its
shareholders or partners to satisfy such shareholders' or
partners' taxes imposed pursuant to subsections (a) and (b) of
Section 201 of the Illinois Income Tax Act. In no event shall
the amount of the award credited pursuant to this Act exceed
the Illinois income tax liability of the pass-through entity or
its shareholders or partners for the taxable year.
(Source: P.A. 95-375, eff. 8-23-07.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 12/16/2009