Illinois General Assembly - Bill Status for HB4836
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 Bill Status of HB4836  94th General Assembly


Short Description:  EDGE-INCENTIVE PAYMENTS

House Sponsors
Rep. David Reis

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/704from Ch. 120, par. 7-704
35 ILCS 10/5-16 new


Synopsis As Introduced
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an applicant who has been awarded a Credit under the this Act may, in the applicant's sole discretion, opt to retain taxes withheld under the Illinois Income Tax Act in lieu of an income tax credit. Provides that the amount of withheld taxes retained by the applicant in a taxable year may not exceed the amount of the Credit awarded by the Department of Commerce and Economic Opportunity for that taxable year. Provides that each employee whose taxes were withheld by an employer who retains amounts under this subsection must receive credit for 100% of the taxes withheld from his or her pay. Requires the Department to report annually to the Governor and the General Assembly on the progress of the incentive payment program. Amends the Illinois Income Tax Act to make corresponding changes concerning tax withholding. Effective immediately.

Actions 
DateChamber Action
  1/19/2006HouseFiled with the Clerk by Rep. David Reis
  1/19/2006HouseFirst Reading
  1/19/2006HouseReferred to Rules Committee
  1/9/2007HouseSession Sine Die

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