Bill Status of SB0483 102nd General Assembly
Short Description: INCOME TAX-LIVE THEATER CREDIT
Sen. Cristina Castro - Sara Feigenholtz
| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that the live theater production credit applies for tax years beginning prior to January 1, 2029 (currently, January 1, 2022). Amends the Live Theater Production Tax Credit Act. Includes commercial Broadway touring productions in the list of accredited productions. Increases the maximum aggregate credit amount from $2,000,000 per fiscal year to $4,000,000 per fiscal year. Provides that, beginning in State fiscal year 2021, $2,000,000 of the $4,000,000 cap shall be reserved for applicants that are operators of qualified production facilities solely in connection with the presentation of commercial Broadway touring shows. Effective immediately.