94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1726


 
Introduced 2/14/2005, by Rep. Michael J. Madigan - Barbara Flynn Currie - Dan Reitz
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/250









    Amends the Illinois Income Tax Act.  Makes a technical change in a Section
concerning the sunset of exemptions, credits, and deductions.
















LRB094 03218 BDD 33219 b

















 


 


A BILL FOR









 











HB1726

LRB094 03218 BDD 33219 b






1
    AN ACT concerning revenue.

 
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 
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changing Section 250 as follows:
 



6
    (35 ILCS 5/250)



7
    Sec. 250. Sunset of exemptions, credits, and deductions. 
8
The
The application
of every exemption, credit, and deduction 
9
against tax imposed by this Act that
becomes law after the 
10
effective date of this amendatory Act of 1994 shall be
limited 
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by a reasonable and appropriate sunset date.  A taxpayer is not

12
entitled to take the exemption, credit, or deduction for tax 
13
years beginning on
or after the sunset
date.  If a reasonable 
14
and appropriate sunset date is not
specified in the Public Act 
15
that creates the exemption, credit, or deduction, a
taxpayer 
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shall not be entitled to take the exemption, credit, or 
17
deduction for
tax years beginning on or after 5 years after the 
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effective date of the Public
Act creating the
exemption, 
19
credit, or deduction and thereafter; provided, however, that in

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the case of any Public Act authorizing the issuance of 
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tax-exempt obligations
that does not specify a sunset date for 
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the exemption or deduction of income
derived from the 
23
obligations, the exemption or deduction shall not terminate

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until after the obligations have been paid by the issuer.
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(Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)