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 Bill Status of HB2744  100th General Assembly


Short Description:  INC TX-BUSINESS DEVELOPMENT

House Sponsors
Rep. Michael J. Zalewski - Keith R. Wheeler

Last Action
DateChamber Action
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/224 new


Synopsis As Introduced
Creates the Business and Employment Development Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity may certify a business as eligible for an income tax credit under the Act and may award credits to certified businesses. Sets forth the amount of the credit, which is calculated as a percentage of the wages paid to new or retained full-time and part-time employees. Provides that the duration of the credit is 5 taxable years, except that the credit may be carried forward for 5 years. Contains provisions concerning recapture of the credit. Amends the Illinois Income Tax Act to make conforming changes. Provides that the Business and Employment Development Tax Credit is exempt from the Act's automatic sunset provision. Effective immediately.

Actions 
DateChamber Action
  2/8/2017HouseFiled with the Clerk by Rep. Michael J. Zalewski
  2/8/2017HouseFirst Reading
  2/8/2017HouseReferred to Rules Committee
  2/22/2017HouseAssigned to Revenue & Finance Committee
  3/9/2017HouseTo Growth, Reform & Fairness Subcommittee
  3/29/2017HouseAdded Chief Co-Sponsor Rep. Keith R. Wheeler
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

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