Bill Status of HB 1500   98th General Assembly

Short Description:  EDGE-INCENTIVE PAYMENTS

House Sponsors
Rep. Dwight Kay-Joe Sosnowski-Kay Hatcher-Patricia R. Bellock and Jeanne M Ives

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/704from 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 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 
DateChamber Action
  2/7/2013HouseFiled with the Clerk by Rep. Dwight Kay
  2/13/2013HouseFirst Reading
  2/13/2013HouseReferred to Rules Committee
  2/19/2013HouseAssigned to Revenue & Finance Committee
  3/11/2013HouseAdded Chief Co-Sponsor Rep. Joe Sosnowski
  3/11/2013HouseAdded Chief Co-Sponsor Rep. Kay Hatcher
  3/11/2013HouseAdded Chief Co-Sponsor Rep. Patricia R. Bellock
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  10/22/2013HouseAdded Co-Sponsor Rep. Jeanne M Ives
  12/3/2014HouseSession Sine Die

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