Bill Status of HB5536 99th General Assembly
Short Description: INC TX-PROFIT SHARING
Rep. John Cavaletto
| 1/10/2017||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that each employer that enters into a profit-sharing agreement with its employees is entitled to a credit in an amount equal to 25% of the distributions made to the employee during the taxable year under the terms of the agreement. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provision.
|Date||Chamber|| Action|| 2/9/2016||House||Filed with the Clerk by Rep. John Cavaletto|| 2/10/2016||House||First Reading|| 2/10/2016||House||Referred to Rules Committee|| 1/10/2017||House||Session Sine Die|