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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB2833 Introduced 1/30/2014, by Sen. Julie A. Morrison SYNOPSIS AS INTRODUCED: |
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Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that no more than $161,000,000 in credits may be awarded under this Act in State Fiscal Year 2015 or any State fiscal year thereafter. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB2833 | | LRB098 16083 HLH 51138 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Economic Development for a Growing Economy |
5 | | Tax Credit Act is amended by changing Section 5-45 as follows:
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6 | | (35 ILCS 10/5-45)
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7 | | Sec. 5-45. Amount and duration of the credit.
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8 | | (a) The Department shall
determine the amount and
duration |
9 | | of the credit awarded under this Act. The duration of the
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10 | | credit may not exceed 10 taxable years.
The credit may be |
11 | | stated as
a percentage of the Incremental Income Tax |
12 | | attributable
to the applicant's project and may include a fixed |
13 | | dollar limitation.
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14 | | (b) Notwithstanding subsection (a),
and except as the |
15 | | credit may be applied in a carryover year pursuant to Section
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16 | | 211(4) of the Illinois Income Tax Act, the credit may be |
17 | | applied against the
State income tax liability in more than 10 |
18 | | taxable years but not in more than
15 taxable years for an |
19 | | eligible business
that (i) qualifies under this Act
and the |
20 | | Corporate Headquarters Relocation Act and has in fact |
21 | | undertaken a
qualifying project within the time frame specified |
22 | | by the Department of
Commerce and Economic Opportunity under |
23 | | that Act, and (ii) applies against its
State income tax |