INC TX-START-UP DEFERMENT Senate SponsorsSen. Patrick Welch and Debbie DeFrancesco Halvorson-Kathleen L. Wojcik 1/11/2005SenateSession Sine Die 35 ILCS 5/1410 newAmends the Income Tax Act. Provides that a start-up business may apply to the Department of Revenue for a deferment of taxable income for the first 3 years that the business is in operation. Requires the taxpayer business to pay the deferred amounts in 5 equal annual installments in the 5 tax years after the 3-year deferment period. Requires the Department to approve the application if certain requirements have been met. Authorizes the Department to promulgate rules necessary for the administration of the deferment program. Effective January 1, 2005. 2/4/2004SenateFiled with Secretary by Sen. Patrick Welch 2/4/2004SenateFirst Reading 2/4/2004SenateReferred to Rules 2/19/2004SenateAdded as Co-Sponsor Sen. Debbie DeFrancesco Halvorson 2/24/2004SenateAdded as Chief Co-Sponsor Sen. Kathleen L. Wojcik 1/11/2005SenateSession Sine Die