101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3359

 

Introduced 2/14/2020, by Sen. Elgie R. Sims, Jr.

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/213
30 ILCS 105/5.930 new
30 ILCS 105/6z-114 new

    Amends the Illinois Income Tax Act. Provides that, upon the transfer of a film production services credit, the taxpayer shall pay to the Department of Commerce and Economic Opportunity 1.5% of the credit amount, which shall be deposited into the Film Workforce Training and Diversity Fund. Amends the State Finance Act to create the Film Workforce Training and Diversity Fund. Provides that moneys in the Fund shall be used to provide grants to certain organizations and institutions to administer workforce development and training programs that support efforts to recruit, hire, promote, retain, develop, and train a diverse and inclusive workforce in the film industry. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3359LRB101 19270 HLH 68736 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 213 as follows:
 
6    (35 ILCS 5/213)
7    Sec. 213. Film production services credit. For tax years
8beginning on or after January 1, 2004, a taxpayer who has been
9awarded a tax credit under the Film Production Services Tax
10Credit Act or under the Film Production Services Tax Credit Act
11of 2008 is entitled to a credit against the taxes imposed under
12subsections (a) and (b) of Section 201 of this Act in an amount
13determined by the Department of Commerce and Economic
14Opportunity under those Acts. If the taxpayer is a partnership
15or Subchapter S corporation, the credit is allowed to the
16partners or shareholders in accordance with the determination
17of income and distributive share of income under Sections 702
18and 704 and Subchapter S of the Internal Revenue Code.
19    A transfer of this credit may be made by the taxpayer
20earning the credit within one year after the credit is awarded
21in accordance with rules adopted by the Department of Commerce
22and Economic Opportunity. Beginning July 1, 2020, if a credit
23is transferred under this Section by the taxpayer, then the

 

 

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1transferor taxpayer shall pay to the Department 1.5% of the
2credit amount, which shall be deposited into the Film Workforce
3Training and Diversity Fund.
4    The Department, in cooperation with the Department of
5Commerce and Economic Opportunity, must prescribe rules to
6enforce and administer the provisions of this Section. This
7Section is exempt from the provisions of Section 250 of this
8Act.
9    The credit may not be carried back. If the amount of the
10credit exceeds the tax liability for the year, the excess may
11be carried forward and applied to the tax liability of the 5
12taxable years following the excess credit year. The credit
13shall be applied to the earliest year for which there is a tax
14liability. If there are credits from more than one tax year
15that are available to offset a liability, the earlier credit
16shall be applied first. In no event shall a credit under this
17Section reduce the taxpayer's liability to less than zero.
18(Source: P.A. 94-171, eff. 7-11-05; 95-720, eff. 5-27-08.)
 
19    Section 10. The State Finance Act is amended by adding
20Sections 5.930 and 6z-114 as follows:
 
21    (30 ILCS 105/5.930 new)
22    Sec. 5.930. The Film Workforce Training and Diversity Fund.
 
23    (30 ILCS 105/6z-114 new)

 

 

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1    Sec. 6z-114. The Film Workforce Training and Diversity
2Fund. The Film Workforce Training and Diversity Fund is created
3as a special fund in the State treasury. Beginning July 1,
42020, amounts paid to the Department of Commerce and Economic
5Opportunity upon the transfer of a film production services
6credit shall be deposited into the Fund. The Fund shall be used
7exclusively to provide grants to community-based
8organizations, labor organizations, private and public
9universities, community colleges, and other organizations and
10institutions as deemed appropriate by the Department of
11Commerce and Economic Opportunity to administer workforce
12development and training programs that support efforts to
13recruit, hire, promote, retain, develop, and train a diverse
14and inclusive workforce in the film industry.
15    The Department of Commerce and Economic Opportunity may
16adopt rules necessary to administer the provisions of this
17Section.
18    Notwithstanding any other law to the contrary, the Film
19Workforce Training and Diversity Fund is not subject to sweeps,
20administrative charge-backs, or any other fiscal or budgetary
21maneuver that would in any way transfer any amounts from the
22Film Workforce Training and Diversity Fund.
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.