SB3172ham001 96TH GENERAL ASSEMBLY

Revenue & Finance Committee

Filed: 11/30/2010

09600SB3172ham001 LRB096 19984 HLH 44202 a

AMENDMENT TO SENATE BILL 3172

AMENDMENT NO. ______. Amend Senate Bill 3172 by replacing everything after the enacting clause with the following:

"Section 5. The Illinois Income Tax Act is amended by changing Section 250 as follows:

(35 ILCS 5/250)

Sec. 250. Sunset of exemptions, credits, and deductions. The The application of every exemption, credit, and deduction against tax imposed by this Act that becomes law after the effective date of this amendatory Act of 1994 shall be limited by a reasonable and appropriate sunset date. A taxpayer is not entitled to take the exemption, credit, or deduction for tax years beginning on or after the sunset date. If a reasonable and appropriate sunset date is not specified in the Public Act that creates the exemption, credit, or deduction, a taxpayer shall not be entitled to take the exemption, credit, or deduction for tax years beginning on or after 5 years after the effective date of the Public Act creating the exemption, credit, or deduction and thereafter; provided, however, that in the case of any Public Act authorizing the issuance of tax-exempt obligations that does not specify a sunset date for the exemption or deduction of income derived from the obligations, the exemption or deduction shall not terminate until after the obligations have been paid by the issuer.

(Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)".