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Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. In a Section concerning the film production services credit, deletes a provision stating that the credit may not be carried forward or back and that, in no event, shall the credit reduce the taxpayer's liability to less than zero. Amends the Film Production Services Tax Credit Act. Provides that for tax year 2005 and thereafter, an Illinois labor expenditure must be exclusive of the salary or wages paid or incurred for the 2 highest paid employees on productions that are 30 minutes or longer (instead of on any production). Provides that the Act is repealed 5 years (instead of one year) after its effective date. Effective immediately.
Fiscal Note (Department of Revenue)
House Bill 5180 as amended by HA1, will have an undetermined negative impact on State revenues.
Deletes everything after the enacting clause. Amends the Film Production Services Tax Credit Act. Provides that the Act is repealed 5 years (instead of one year) after its effective date. Effective immediately.
Fiscal Note (Department of Commerce and Economic Opportunity)
House Bill 5180 with House Amendment 3 is estimated to have no fiscal impact on the Department of Commerce and Economic Opportunity relating to the administration of the Film Production Tax Credit Act. This fiscal note does not address any potential impact on State tax revenues.
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