Bill Status of SB2783 94th General Assembly
Short Description: INC TX-LOAN CREDIT FOR VENDORS
Sen. Mike Jacobs - Christine Radogno
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income tax Act. Creates a credit in an amount equal to the qualified costs of a loan issued to cover the on-going business expenses of a vendor or contractor where the State is late, by 90 days or more, in the payment of the vendor's or contractor's proper bill or invoice for goods or services furnished to the State. Requires the taxpayer to make an addition modification to their base income to add back the amount equal to any deduction taken on the taxpayer's federal income tax return for qualified costs of a slow-payment loan for which a credit is received. Effective immediately.
|Date||Chamber|| Action|| 1/20/2006||Senate||Filed with Secretary by Sen. Mike Jacobs|| 1/20/2006||Senate||First Reading|| 1/20/2006||Senate||Referred to Rules|| 1/30/2006||Senate||Added as Chief Co-Sponsor Sen. Christine Radogno|| 1/9/2007||Senate||Session Sine Die|