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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5534
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning the sunset of exemptions, credits, and deductions.
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A BILL FOR
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HB5534 |
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LRB093 17365 SJM 43031 b |
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| AN ACT concerning taxes.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing
Section 250 as follows:
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| (35 ILCS 5/250)
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| Sec. 250. Sunset of exemptions, credits, and deductions. |
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| The application
of every exemption, credit, and deduction |
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| against tax imposed by this Act that
becomes law after |
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| September 16, 1994 (the effective date of Public Act
88-660)
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| this
amendatory Act of 1994 shall be
limited by a reasonable |
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| and appropriate sunset date. A taxpayer is not
entitled to take |
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| the exemption, credit, or deduction for tax years beginning on
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| or after the sunset
date. If a reasonable and appropriate |
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| sunset date is not
specified in the Public Act that creates the |
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| exemption, credit, or deduction, a
taxpayer shall not be |
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| entitled to take the exemption, credit, or deduction for
tax |
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| years beginning on or after 5 years after the effective date of |
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| the Public
Act creating the
exemption, credit, or deduction and |
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| thereafter; provided, however, that in
the case of any Public |
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| Act authorizing the issuance of tax-exempt obligations
that |
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| does not specify a sunset date for the exemption or deduction |
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| of income
derived from the obligations, the exemption or |
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| deduction shall not terminate
until after the obligations have |
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| been paid by the issuer.
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| (Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)
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