Date	Chamber	Action
1/9/2007	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/704

from Ch. 120, par. 7-704

35 ILCS 10/5-16 new

Synopsis As Introduced
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an applicant who has been awarded a Credit under the this Act may, in the applicant's sole discretion, opt to retain taxes withheld under the Illinois Income Tax Act in lieu of an income tax credit. Provides that the amount of withheld taxes retained by the applicant in a taxable year may not exceed the amount of the Credit awarded by the Department of Commerce and Economic Opportunity for that taxable year. Provides that each employee whose taxes were withheld by an employer who retains amounts under this subsection must receive credit for 100% of the taxes withheld from his or her pay. Requires the Department to report annually to the Governor and the General Assembly on the progress of the incentive payment program. Amends the Illinois Income Tax Act to make corresponding changes concerning tax withholding. Effective immediately.

Actions 

Date	Chamber	Action
1/19/2006	House	Filed with the Clerk by Rep. David Reis
1/19/2006	House	First Reading
1/19/2006	House	Referred to Rules Committee
1/9/2007	House	Session Sine Die

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