INC TX-LOAN CREDIT FOR VENDORS House SponsorsRep. Bob Biggins 1/9/2007HouseSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 5/216 new Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the qualified costs of a loan issued to cover the on-going business expenses of a vendor or contractor where the State is late, by 90 days or more, in the payment of the vendor's or contractor's proper bill or invoice for goods or services furnished to the State. Requires the taxpayer to make an addition modification to their base income to add back the amount equal to any deduction taken on the taxpayer's federal income tax return for qualified costs of a slow-payment loan for which a credit is received. Effective immediately. 1/19/2006HouseFiled with the Clerk by Rep. Terry R. Parke 1/19/2006HouseFirst Reading 1/19/2006HouseReferred to Rules Committee 2/14/2006HouseAssigned to Revenue Committee 2/14/2006HouseMotion to Suspend Rule 25 - Prevailed 2/15/2006HouseChief Sponsor Changed to Rep. Bob Biggins 2/16/2006HouseMotion Do Pass - Lost Revenue Committee; 005-005-001 2/16/2006HouseRemains in Revenue Committee 2/17/2006HouseRule 19(a) / Re-referred to Rules Committee 1/9/2007HouseSession Sine Die