Public Act 100-0415
 
SB0852 EnrolledLRB100 08984 HLH 19130 b



    AN ACT concerning revenue.

 
    Be it enacted by the People of the State of Illinois, 
represented in the General Assembly: 





 
 
    Section 5. The Illinois Income Tax Act is amended  by 
changing Section 222 as follows:
 
    (35 ILCS 5/222)
    Sec. 222. Live theater production credit. 
    (a)  For tax years beginning on or after January 1, 2012 and 
beginning prior to January 1, 2022, a taxpayer who has received 
a tax credit award under the Live Theater Production Tax Credit 
Act is entitled to a credit against the taxes imposed under 
subsections (a) and (b) of Section 201 of this Act in an amount 
determined under that Act by the Department of Commerce and 
Economic Opportunity.
    (b)  If the taxpayer is a partnership, limited liability 
partnership, limited liability company, or Subchapter S 
corporation, the tax credit award is allowed to the partners, 
unit holders,  or shareholders in accordance with the 
determination of income and distributive share of income under 
Sections 702 and 704 and Subchapter S of the Internal Revenue 
Code. 
    (c)  A sale, assignment, or transfer of the tax credit award 
may be made by the taxpayer earning the credit within one year 
after the credit is awarded in accordance with rules adopted by 
the Department of Commerce and Economic Opportunity. 
    (d)  The Department of Revenue, in cooperation with the 
Department of Commerce and Economic Opportunity, shall adopt 
rules to enforce and administer the provisions of this Section. 
    (e)  The tax credit award may not be carried back. If the 
amount of the credit exceeds the tax liability for the year, 
the excess may be carried forward and applied to the tax 
liability of the 5 tax years following the excess credit year.  
The tax credit award shall be applied to the earliest year for 
which there is a tax liability.  If there are credits from more 
than one tax year that are available to offset liability, the 
earlier credit shall be applied first.  In no event may a credit 
under this Section reduce the taxpayer's liability to less than 
zero. 

(Source: P.A. 97-636, eff. 6-1-12.)




Effective Date:  1/1/2018