Date	Chamber	Action
1/13/2015	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/224 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, 2014 and prior to December 31, 2015, 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, 2015 and prior to December 31, 2016, 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, 2016, 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 

Date	Chamber	Action
2/14/2014	Senate	Filed with Secretary by Sen. Dave Syverson
2/14/2014	Senate	First Reading
2/14/2014	Senate	Referred to Assignments
2/25/2014	Senate	Assigned to Revenue
3/10/2014	Senate	Added as Chief Co-Sponsor Sen. Don Harmon
3/21/2014	Senate	To Subcommittee on Tax Credits
3/28/2014	Senate	Rule 3-9(a) / Re-referred to Assignments
1/13/2015	Senate	Session Sine Die

Back To Top