Illinois General Assembly - Bill Status for SB3111
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 Bill Status of SB3111  100th General Assembly


Senate Sponsors
Sen. Linda Holmes

Last Action
DateChamber Action
  1/9/2019SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/227 new
35 ILCS 735/3-3from Ch. 120, par. 2603-3

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $30,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.

DateChamber Action
  2/15/2018SenateFiled with Secretary by Sen. Linda Holmes
  2/15/2018SenateFirst Reading
  2/15/2018SenateReferred to Assignments
  2/27/2018SenateAssigned to Revenue
  4/13/2018SenateRule 2-10 Committee Deadline Established As April 27, 2018
  4/27/2018SenateRule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die

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