95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2483

 

Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley

 

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.


LRB095 00878 BDD 20880 b

 

 

A BILL FOR

 

HB2483 LRB095 00878 BDD 20880 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
5 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
11 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
16 shall not be entitled to take the exemption, credit, or
17 deduction for tax years beginning on or after 5 years after the
18 effective date of the Public Act creating the exemption,
19 credit, or deduction and thereafter; provided, however, that in
20 the case of any Public Act authorizing the issuance of
21 tax-exempt obligations that does not specify a sunset date for
22 the exemption or deduction of income derived from the
23 obligations, the exemption or deduction shall not terminate

 

 

HB2483 - 2 - LRB095 00878 BDD 20880 b

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