100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB2642

 

Introduced , by Rep. William Davis

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 16/42

    Amends the Film Production Services Tax Credit Act of 2008. Provides that a taxpayer shall not be entitled to take a credit under that Act for tax years beginning on or after January 1, 2027. Removes a provision from that Act providing that the General Assembly may extend the sunset date by 5-year intervals. Effective immediately.


LRB100 09607 HLH 19775 b

 

 

A BILL FOR

 

HB2642LRB100 09607 HLH 19775 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Film Production Services Tax Credit Act of
52008 is amended by changing Section 42 as follows:
 
6    (35 ILCS 16/42)
7    Sec. 42. Sunset of credits. The application of credits
8awarded pursuant to this Act shall be limited by a reasonable
9and appropriate sunset date. A taxpayer shall not be entitled
10to take a credit awarded pursuant to this Act for tax years
11beginning on or after January 1, 2027 10 years after the
12effective date of this amendatory Act of the 97th General
13Assembly. After the initial 10-year sunset, the General
14Assembly may extend the sunset date by 5-year intervals.
15(Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.