SB1595 EngrossedLRB101 08982 HLH 54075 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. This Act is exempt from the
8provisions of Section 250 of the Illinois Income Tax Act. The
9application of credits awarded pursuant to this Act shall be
10limited by a reasonable and appropriate sunset date. A taxpayer
11shall not be entitled to take a credit awarded pursuant to this
12Act for tax years beginning on or after 10 years after the
13effective date of this amendatory Act of the 97th General
14Assembly. After the initial 10-year sunset, the General
15Assembly may extend the sunset date by 5-year intervals.
16(Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.