Revenue & Finance Committee

Filed: 11/30/2010

 

 


 

 


 
09600SB3172ham001LRB096 19984 HLH 44202 a

1
AMENDMENT TO SENATE BILL 3172

2    AMENDMENT NO. ______. Amend Senate Bill 3172 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Income Tax Act is amended by
5changing Section 250 as follows:
 
6    (35 ILCS 5/250)
7    Sec. 250. Sunset of exemptions, credits, and deductions.
8The The application of every exemption, credit, and deduction
9against tax imposed by this Act that becomes law after the
10effective date of this amendatory Act of 1994 shall be limited
11by a reasonable and appropriate sunset date. A taxpayer is not
12entitled to take the exemption, credit, or deduction for tax
13years beginning on or after the sunset date. If a reasonable
14and appropriate sunset date is not specified in the Public Act
15that creates the exemption, credit, or deduction, a taxpayer
16shall not be entitled to take the exemption, credit, or

 

 

09600SB3172ham001- 2 -LRB096 19984 HLH 44202 a

1deduction for tax years beginning on or after 5 years after the
2effective date of the Public Act creating the exemption,
3credit, or deduction and thereafter; provided, however, that in
4the case of any Public Act authorizing the issuance of
5tax-exempt obligations that does not specify a sunset date for
6the exemption or deduction of income derived from the
7obligations, the exemption or deduction shall not terminate
8until after the obligations have been paid by the issuer.
9(Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)".