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92_HB3659 LRB9210686SMcdA 1 AN ACT concerning taxation. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Department of Commerce and Community 5 Affairs Law of the Civil Administrative Code of Illinois is 6 amended by adding Section 605-390 as follows: 7 (20 ILCS 605/605-390 new) 8 Sec. 605-390. Business losses due to terrorism. The 9 Department shall determine whether a business has suffered a 10 loss as a result of terrorism that makes the business 11 eligible for a tax credit under Section 213 of the Illinois 12 Income Tax Act. The Department shall provide application 13 forms for business owners to apply for a certification of 14 eligibility for the credit. The Department shall determine by 15 rule what business losses qualify for certification of 16 eligibility for the tax credit. 17 Section 10. The Illinois Income Tax Act is amended by 18 adding Section 213 as follows: 19 (35 ILCS 5/213 new) 20 Sec. 213. Tax credit for business losses due to 21 terrorism. For taxable years ending on or after December 31, 22 2001 and on or before December 30, 2006, each taxpayer is 23 entitled to a credit against the tax imposed by subsections 24 (a), (b), (c), and (d) of Section 201 for business losses 25 suffered in the taxable year as a result of terrorism. As 26 used in this Section, "terrorism" means activities that 27 involve a violent act or acts directed against United States 28 residents that (i) are dangerous to human life and that would 29 be a felony under the laws of the State of Illinois if -2- LRB9210686SMcdA 1 committed within the jurisdiction of the State of Illinois 2 and (ii) are intended to intimidate or coerce a civilian 3 population, influence the policy of a government by 4 intimidation or coercion, or affect the conduct of government 5 by assassination or kidnapping. 6 To be eligible for the credit a taxpayer must be 7 certified as having eligible business losses by the 8 Department of Commerce and Community Affairs. The taxpayer 9 must apply for a certificate of eligibility to the Department 10 of Commerce and Community Affairs on forms prescribed by the 11 Department of Commerce and Community Affairs. The Department 12 of Commerce and Community Affairs shall determine by rule 13 what business losses qualify under this Section. 14 The credit shall be equal to 25% of the taxpayer's tax 15 liability for the taxable year. 16 Section 99. Effective date. This Act takes effect upon 17 becoming law.
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