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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB1253 Introduced 2/7/2017, by Sen. Chris Nybo SYNOPSIS AS INTRODUCED:
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Amends the Film
Production Services Tax Credit Act of 2008. Provides that a taxpayer shall not be entitled to take a credit under that Act for tax years beginning on or after January 1, 2027. Removes a provision from that Act providing that the General Assembly may extend the sunset date by 5-year intervals. Effective immediately.
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| | A BILL FOR |
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| | SB1253 | | LRB100 09606 HLH 19774 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Film
Production Services Tax Credit Act of |
| 5 | | 2008 is amended by changing Section 42 as follows:
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| 6 | | (35 ILCS 16/42) |
| 7 | | Sec. 42. Sunset of credits. The application of credits |
| 8 | | awarded pursuant to this Act shall be limited by a reasonable |
| 9 | | and appropriate sunset date. A taxpayer shall not be entitled |
| 10 | | to take a credit awarded pursuant to this Act for tax years |
| 11 | | beginning on or after January 1, 2027 10 years after the |
| 12 | | effective date of this amendatory Act of the 97th General |
| 13 | | Assembly. After the initial 10-year sunset, the General |
| 14 | | Assembly may extend the sunset date by 5-year intervals.
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| 15 | | (Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
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| 16 | | Section 99. Effective date. This Act takes effect upon |
| 17 | | becoming law.
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