Sen. Kwame Raoul
Filed: 10/16/2009
 
 

 




 

 		












09600HB2414sam002

LRB096 03723 HLH 30156 a






1

AMENDMENT TO HOUSE BILL 2414




2
    AMENDMENT NO. ______. Amend House Bill 2414 by replacing 
3
everything after the enacting clause with the following:



 
4
    "Section 5. The Illinois Income Tax Act is amended  by 
5
adding Sections 606 and 807 as follows:
 
6
    (35 ILCS 5/606  new)
7
    Sec. 606. EDGE payment.  A payment includes a payment 
8
provided for in subsection (f) of Section 5-15 of the Economic 
9
Development for a Growing Economy Tax Credit Act.
 
10
    (35 ILCS 5/807  new)
11
    Sec. 807. EDGE payment.  A payment includes a payment 
12
provided for in subsection (f) of Section 5-15 of the Economic 
13
Development for a Growing Economy Tax Credit Act.
 
14
    Section 10. The Economic Development for a Growing Economy 
 


 






09600HB2414sam002
- 2 -
LRB096 03723 HLH 30156 a




1
Tax Credit Act is amended  by changing Section 5-15 as follows:
 



2
    (35 ILCS 10/5-15)



3
    Sec. 5-15. Tax Credit Awards. Subject to the conditions set 
4
forth in this
Act, a Taxpayer is
entitled to a Credit against 
5
or, as described in subsection (f) of this Section, a payment 
6
towards taxes imposed pursuant to subsections (a) and (b)
of 
7
Section 201 of the Illinois
Income Tax Act that may be imposed 
8
on the Taxpayer for a taxable year beginning
on or
after 
9
January 1, 1999,
if the Taxpayer is awarded a Credit by the 
10
Department under this Act for that
taxable year.

11
    (a) The Department shall make Credit awards under this Act 
12
to foster job
creation and retention in Illinois.

13
    (b) A person that proposes a project to create new jobs in 
14
Illinois must
enter into an Agreement with the
Department for 
15
the Credit under this Act.

16
    (c) The Credit shall be claimed for the taxable years 
17
specified in the
Agreement.

18
    (d) The Credit shall not exceed the Incremental Income Tax 
19
attributable to
the project that is the subject of the 
20
Agreement.

21
    (e) Nothing herein shall prohibit a Tax Credit Award to an 
22
Applicant that uses a PEO if all other award criteria are 
23
satisfied.

24
    (f)  A pass-through entity that has been awarded a credit 
25
under this Act, its shareholders, or its partners may treat 
 


 






09600HB2414sam002
- 3 -
LRB096 03723 HLH 30156 a




1
some or all of the credit awarded pursuant to this Act as a tax 
2
payment for purposes of the Illinois Income Tax Act. The term 
3
"tax payment" means a payment as described in Article 6 or 
4
Article 8 of the Illinois Income Tax Act or a composite payment 
5
made by a pass-through entity on behalf of any of its 
6
shareholders or partners to satisfy such shareholders' or 
7
partners' taxes imposed pursuant to subsections (a) and (b) of 
8
Section 201 of the Illinois Income Tax Act. In no event shall 
9
the amount of the award credited pursuant to this Act exceed 
10
the Illinois income tax liability of the pass-through entity or 
11
its shareholders or partners for the taxable year. 
12
(Source: P.A. 95-375, eff. 8-23-07.)

 

13
    Section 99. Effective date. This Act takes effect upon 
14
becoming law.".