Date	Chamber	Action
1/10/2017	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/224 new

Synopsis As Introduced
Creates the Business and Employment Development Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity may certify a business as eligible for an income tax credit under the Act and may award credits to certified businesses. Sets forth the amount of the credit, which is calculated as a percentage of the wages paid to new or retained full-time and part-time employees. Provides that the duration of the credit is 5 taxable years, except that the credit may be carried forward for 5 years. Contains provisions concerning recapture of the credit. Amends the Illinois Income Tax Act to make conforming changes. Provides that the Business and Employment Development Tax Credit is exempt from the Act's automatic sunset provision. Effective immediately.

Actions 

Date	Chamber	Action
2/18/2016	Senate	Filed with Secretary by Sen. Chuck Weaver
2/18/2016	Senate	First Reading
2/18/2016	Senate	Referred to Assignments
3/8/2016	Senate	Assigned to Revenue
3/10/2016	Senate	To Subcommittee on Tax Credits
3/31/2016	Senate	Added as Chief Co-Sponsor Sen. Napoleon Harris, III
4/8/2016	Senate	Rule 2-10 Committee Deadline Established As April 22, 2016
4/22/2016	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
5/13/2016	Senate	Rule 3-9(a) / Re-referred to Assignments
1/10/2017	Senate	Session Sine Die

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