Bill Status of SB 1766   100th General Assembly

Short Description:  INC TX-BUSINESS DEVELOPMENT

Senate Sponsors
Sen. Chuck Weaver

Last Action  View All Actions

DateChamber Action
  1/9/2019SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/224 new

Synopsis As Introduced
Creates 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.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. Chuck Weaver
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  2/28/2017SenateAssigned to Revenue
  3/9/2017SenatePostponed - Revenue
  3/16/2017SenatePostponed - Revenue
  3/17/2017SenateRule 2-10 Committee Deadline Established As April 7, 2017
  4/6/2017SenatePostponed - Revenue
  4/7/2017SenateRule 2-10 Committee Deadline Established As May 5, 2017
  5/5/2017SenateRule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die

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