Rep. Michael J. Zalewski

Filed: 5/23/2017

 

 


 

 


 
10000SB0852ham001LRB100 08984 AXK 26831 a

1
AMENDMENT TO SENATE BILL 852

2    AMENDMENT NO. ______. Amend Senate Bill 852 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Income Tax Act is amended by
5changing Section 222 as follows:
 
6    (35 ILCS 5/222)
7    Sec. 222. Live theater production credit.
8    (a) For tax years beginning on or after January 1, 2012 and
9beginning prior to January 1, 2027, a taxpayer who has received
10a tax credit award under the Live Theater Production Tax Credit
11Act is entitled to a credit against the taxes imposed under
12subsections (a) and (b) of Section 201 of this Act in an amount
13determined under that Act by the Department of Commerce and
14Economic Opportunity.
15    (b) If the taxpayer is a partnership, limited liability
16partnership, limited liability company, or Subchapter S

 

 

10000SB0852ham001- 2 -LRB100 08984 AXK 26831 a

1corporation, the tax credit award is allowed to the partners,
2unit holders, or shareholders in accordance with the
3determination of income and distributive share of income under
4Sections 702 and 704 and Subchapter S of the Internal Revenue
5Code.
6    (c) A sale, assignment, or transfer of the tax credit award
7may be made by the taxpayer earning the credit within one year
8after the credit is awarded in accordance with rules adopted by
9the Department of Commerce and Economic Opportunity.
10    (d) The Department of Revenue, in cooperation with the
11Department of Commerce and Economic Opportunity, shall adopt
12rules to enforce and administer the provisions of this Section.
13    (e) The tax credit award may not be carried back. If the
14amount of the credit exceeds the tax liability for the year,
15the excess may be carried forward and applied to the tax
16liability of the 5 tax years following the excess credit year.
17The tax credit award shall be applied to the earliest year for
18which there is a tax liability. If there are credits from more
19than one tax year that are available to offset liability, the
20earlier credit shall be applied first. In no event may a credit
21under this Section reduce the taxpayer's liability to less than
22zero.
23(Source: P.A. 97-636, eff. 6-1-12.)".