Bill Status of SB 3562   97th General Assembly


Short Description:  INC TX-PRODUCTION CREDIT

Senate Sponsors
Sen. Dave Syverson

Last Action  View All Actions

DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/223 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2013 and prior to December 31, 2014, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2015, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately.

Actions 
DateChamber Action
  2/8/2012SenateFiled with Secretary by Sen. Dave Syverson
  2/8/2012SenateFirst Reading
  2/8/2012SenateReferred to Assignments
  2/22/2012SenateAssigned to Revenue
  3/1/2012SenateTo Revenue Subcommittee on Tax Credits
  3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012
  3/30/2012SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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