Bill Status of HB 5349   100th General Assembly

Short Description:  IMPACT OF TAX CREDITS-REPORT

House Sponsors
Rep. Sue Scherer-La Shawn K. Ford-Steven A. Andersson-Christine Winger-Jaime M. Andrade, Jr., Linda Chapa LaVia, Stephanie A. Kifowit, Carol Sente and Jerry Costello, II

Last Action  View All Actions

DateChamber Action
  1/8/2019HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/246 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that the Department of Revenue, with the assistance of the Department of Commerce and Economic Opportunity, shall examine the investment credit and the research and development credit to determine the impact that each of these credits has on the creation and retention of jobs, and report its findings to the Governor and the General Assembly on or before December 1, 2019. Provides that the Department of Revenue, with the assistance of the Department of Commerce and Economic Opportunity, shall examine each credit against a tax imposed under the Illinois Income Tax Act on and after the effective date of this amendatory Act to determine the impact that each credit has on the creation and retention of jobs, including, but not limited to, any stated job creation goals, and report its findings for each credit to the Governor and the General Assembly on or before 3 years after the effective date of the credit in question, and on or before every 3 years thereafter. Effective immediately.

House Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill, but adds provisions requiring the Department of Revenue, with the assistance of the Department of Commerce and Economic Opportunity, to prepare a report including specified information concerning the credits under subsections (e) and (k) of Section 201 of the Illinois Income Tax Act. Effective immediately.

 Fiscal Note, House Committee Amendment No. 1 (Dept. of Revenue)
 This bill would have no impact on State tax revenues. The bill, as amended, initially requires a thorough evaluation of the investment and research & development tax credits, and the drafting of a final report by December 1, 2019. Thereafter, the Department is tasked with an evaluation of tax credits every third year. These responsibilities can be managed with existing staff: and therefore, the operational impact on the Department of Revenue will be minimal.

Actions 
DateChamber Action
  2/15/2018HouseFiled with the Clerk by Rep. Sue Scherer
  2/16/2018HouseFirst Reading
  2/16/2018HouseReferred to Rules Committee
  2/26/2018HouseAssigned to Business Growth & Incentives Committee
  3/1/2018HouseAdded Chief Co-Sponsor Rep. La Shawn K. Ford
  3/1/2018HouseAdded Chief Co-Sponsor Rep. Steven A. Andersson
  3/1/2018HouseAdded Chief Co-Sponsor Rep. Christine Winger
  3/1/2018HouseAdded Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.
  3/1/2018HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  3/1/2018HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
  3/2/2018HouseAdded Co-Sponsor Rep. Carol Sente
  3/7/2018HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Sue Scherer
  3/7/2018HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/8/2018HouseHouse Committee Amendment No. 1 Rules Refers to Business Growth & Incentives Committee
  3/8/2018HouseHouse Committee Amendment No. 1 Adopted in Business Growth & Incentives Committee; by Voice Vote
  3/8/2018HouseDo Pass as Amended / Short Debate Business Growth & Incentives Committee; 003-002-000
  3/8/2018HousePlaced on Calendar 2nd Reading - Short Debate
  3/8/2018HouseAdded Co-Sponsor Rep. Jerry Costello, II
  4/9/2018HouseHouse Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Tom Demmer
  4/25/2018HouseSecond Reading - Short Debate
  4/25/2018HouseHeld on Calendar Order of Second Reading - Short Debate
  4/27/2018HouseHouse Committee Amendment No. 1 Fiscal Note Filed as Amended
  4/27/2018HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2019HouseSession Sine Die

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