Illinois General Assembly - Bill Status for SB0483
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 Bill Status of SB0483  102nd General Assembly


Short Description:  INCOME TAX-LIVE THEATER CREDIT

Senate Sponsors
Sen. Cristina Castro - Sara Feigenholtz

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/222
35 ILCS 17/10-10
35 ILCS 17/10-20


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.

Actions 
DateChamber Action
  2/23/2021SenateFiled with Secretary by Sen. Cristina Castro
  2/23/2021SenateFirst Reading
  2/23/2021SenateReferred to Assignments
  3/3/2021SenateAssigned to Revenue
  3/19/2021SenateTo Credits, Deductions, and Exemptions
  4/8/2021SenateAdded as Chief Co-Sponsor Sen. Sara Feigenholtz
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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