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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3400 Introduced 2/14/2020, by Sen. Melinda Bush SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning the sunset of exemptions, credits, and deductions.
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| | A BILL FOR |
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| | SB3400 | | LRB101 19971 HLH 69496 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 250 as follows:
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| 6 | | (35 ILCS 5/250)
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| 7 | | Sec. 250. Sunset of exemptions, credits, and deductions. |
| 8 | | (a) The
The application
of every exemption, credit, and |
| 9 | | deduction against tax imposed by this Act that
becomes law |
| 10 | | after the effective date of this amendatory Act of 1994 shall |
| 11 | | be
limited by a reasonable and appropriate sunset date. A |
| 12 | | taxpayer is not
entitled to take the exemption, credit, or |
| 13 | | deduction for tax years beginning on
or after the sunset
date. |
| 14 | | Except as provided in subsection (b) of this Section, if a |
| 15 | | reasonable and appropriate sunset date is not
specified in the |
| 16 | | Public Act that creates the exemption, credit, or deduction, a
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| 17 | | taxpayer shall not be entitled to take the exemption, credit, |
| 18 | | or deduction for
tax years beginning on or after 5 years after |
| 19 | | the effective date of the Public
Act creating the
exemption, |
| 20 | | credit, or deduction and thereafter; provided, however, that in
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| 21 | | the case of any Public Act authorizing the issuance of |
| 22 | | tax-exempt obligations
that does not specify a sunset date for |
| 23 | | the exemption or deduction of income
derived from the |