Rep. Michael J. Zalewski

Filed: 5/25/2017

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 852

2    AMENDMENT NO. ______. Amend Senate Bill 852, AS AMENDED, by
3replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Illinois Income Tax Act is amended by
6changing Section 222 as follows:
 
7    (35 ILCS 5/222)
8    Sec. 222. Live theater production credit.
9    (a) For tax years beginning on or after January 1, 2012 and
10beginning prior to January 1, 2022, a taxpayer who has received
11a tax credit award under the Live Theater Production Tax Credit
12Act is entitled to a credit against the taxes imposed under
13subsections (a) and (b) of Section 201 of this Act in an amount
14determined under that Act by the Department of Commerce and
15Economic Opportunity.
16    (b) If the taxpayer is a partnership, limited liability

 

 

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