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91_SB1505
LRB9110638SMmb
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 212.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 212 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. Small business tax credit. For taxable years
9 2000 and thereafter, each taxpayer is entitled to a credit
10 against the tax imposed by subsections (a) and (b) of Section
11 201 in an amount equal to any amount paid to the United
12 States Small Business Administration as a guaranty fee in
13 order to obtain Small Business Administration guaranteed
14 financing. The credit applies only to the year in which the
15 guaranty fee was paid and shall be claimed by only the small
16 business that is the primary obligor in the financing
17 transaction and that actually paid the guaranty fee. The tax
18 credit may not reduce the taxpayer's liability to less than
19 zero. If the amount of the credit exceeds the taxpayer's
20 liability under this Act for the year, then the excess may
21 not be carried forward to apply to the taxpayer's liability
22 for any succeeding year. For purposes of this Section, "small
23 business" means any corporation, partnership, sole
24 proprietorship, or other business entity qualifying as
25 "small" under the standards contained in the Code of Federal
26 Regulations, Title 13, part 121.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.