093_HB1519eng HB1519 Engrossed LRB093 10248 SJM 10502 b 1 AN ACT concerning taxes. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Income Tax Act is amended by 5 changing Section 250 as follows: 6 (35 ILCS 5/250) 7 Sec. 250. Sunset of exemptions, credits, and deductions. 8 The application of every exemption, credit, and deduction 9 against tax imposed by this Act that becomes law after 10 September 16, 1994 (the effective date of Public Act 88-660) 11this amendatory Act of 1994shall be limited by a reasonable 12 and appropriate sunset date. A taxpayer is not entitled to 13 take the exemption, credit, or deduction for tax years 14 beginning on or after the sunset date. If a reasonable and 15 appropriate sunset date is not specified in the Public Act 16 that creates the exemption, credit, or deduction, a taxpayer 17 shall not be entitled to take the exemption, credit, or 18 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 21 in the case of any Public Act authorizing the issuance of 22 tax-exempt obligations that does not specify a sunset date 23 for the exemption or deduction of income derived from the 24 obligations, the exemption or deduction shall not terminate 25 until after the obligations have been paid by the issuer. 26 (Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)