SB2833 98TH GENERAL ASSEMBLY

LRB098 16083 HLH 51138 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB2833

Introduced 1/30/2014, by Sen. Julie A. Morrison

SYNOPSIS AS INTRODUCED:

35 ILCS 10/5-45

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that no more than $161,000,000 in credits may be awarded under this Act in State Fiscal Year 2015 or any State fiscal year thereafter. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Economic Development for a Growing Economy Tax Credit Act is amended by changing Section 5-45 as follows:

(35 ILCS 10/5-45)

Sec. 5-45. Amount and duration of the credit.

(a) The Department shall determine the amount and duration of the credit awarded under this Act. The duration of the credit may not exceed 10 taxable years. The credit may be stated as a percentage of the Incremental Income Tax attributable to the applicant's project and may include a fixed dollar limitation.

(b) Notwithstanding subsection (a), and except as the credit may be applied in a carryover year pursuant to Section 211(4) of the Illinois Income Tax Act, the credit may be applied against the State income tax liability in more than 10 taxable years but not in more than 15 taxable years for an eligible business that (i) qualifies under this Act and the Corporate Headquarters Relocation Act and has in fact undertaken a qualifying project within the time frame specified by the Department of Commerce and Economic Opportunity under that Act, and (ii) applies against its State income tax liability, during the entire 15-year period, no more than 60% of the maximum credit per year that would otherwise be available under this Act.

(c) Notwithstanding any other provision of the law, no more than $161,000,000 in credits may be awarded under this Act in State Fiscal Year 2015 or any State fiscal year thereafter. This limitation does not apply to amounts that are carried forward under Section 211 of the Illinois Income Tax Act.

(Source: P.A. 94-793, eff. 5-19-06.)

Section 99. Effective date. This Act takes effect upon becoming law.