Illinois General Assembly - Bill Status for HB4972

Synopsis As Introduced
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.

Actions

Date	Chamber	Action
1/19/2006	House	Filed with the Clerk by Rep. Terry R. Parke
1/19/2006	House	First Reading
1/19/2006	House	Referred to Rules Committee
2/14/2006	House	Assigned to Revenue Committee
2/14/2006	House	Motion to Suspend Rule 25 - Prevailed
2/15/2006	House	Chief Sponsor Changed to Rep. Bob Biggins
2/16/2006	House	Motion Do Pass - Lost Revenue Committee; 005-005-001
2/16/2006	House	Remains in Revenue Committee
2/17/2006	House	Rule 19(a) / Re-referred to Rules Committee
1/9/2007	House	Session Sine Die

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