Illinois General Assembly - Bill Status for HB5536
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 Bill Status of HB5536  99th General Assembly

Short Description:  INC TX-PROFIT SHARING

House Sponsors
Rep. John Cavaletto

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/224 new

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.

DateChamber Action
  2/9/2016HouseFiled with the Clerk by Rep. John Cavaletto
  2/10/2016HouseFirst Reading
  2/10/2016HouseReferred to Rules Committee
  1/10/2017HouseSession Sine Die

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