101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5072

 

Introduced 2/18/2020, by Rep. Emanuel Chris Welch

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/222

    Amends the Illinois Income Tax Act. Provides that the live theater production credit applies for tax years beginning prior to January 1, 2029 (currently, January 1, 2022). Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5072LRB101 18402 HLH 67850 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 222 as follows:
 
6    (35 ILCS 5/222)
7    Sec. 222. Live theater production credit.
8    (a) For tax years beginning on or after January 1, 2012 and
9beginning prior to January 1, 2029 January 1, 2022, a taxpayer
10who has received a tax credit award under the Live Theater
11Production Tax Credit Act is entitled to a credit against the
12taxes imposed under subsections (a) and (b) of Section 201 of
13this Act in an amount determined under that Act by the
14Department of Commerce and Economic Opportunity.
15    (b) If the taxpayer is a partnership, limited liability
16partnership, limited liability company, or Subchapter S
17corporation, the tax credit award is allowed to the partners,
18unit holders, or shareholders in accordance with the
19determination of income and distributive share of income under
20Sections 702 and 704 and Subchapter S of the Internal Revenue
21Code.
22    (c) A sale, assignment, or transfer of the tax credit award
23may be made by the taxpayer earning the credit within one year

 

 

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1after the credit is awarded in accordance with rules adopted by
2the Department of Commerce and Economic Opportunity.
3    (d) The Department of Revenue, in cooperation with the
4Department of Commerce and Economic Opportunity, shall adopt
5rules to enforce and administer the provisions of this Section.
6    (e) The tax credit award may not be carried back. If the
7amount of the credit exceeds the tax liability for the year,
8the excess may be carried forward and applied to the tax
9liability of the 5 tax years following the excess credit year.
10The tax credit award shall be applied to the earliest year for
11which there is a tax liability. If there are credits from more
12than one tax year that are available to offset liability, the
13earlier credit shall be applied first. In no event may a credit
14under this Section reduce the taxpayer's liability to less than
15zero.
16(Source: P.A. 100-415, eff. 1-1-18.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.