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Synopsis As Introduced Creates the Health Care Enterprise Zone Act. Provides that the Department of Public Health may certify certain areas in the State suffering from a shortage of medical services as health care enterprise zones or specialty shortage zones. Provides that, for the taxable years ending on or after December 31, 2006, a health care professional who practices at least 50% of the year in an area of Illinois that has been certified as a health care enterprise zone or as a specialty shortage zone may apply to the Department requesting a certification of an income tax credit. Sets forth the amounts of the credit. Sets forth conditions for the revocation of benefits under the Act. Amends the Illinois Income Tax Act to create the income tax credit certified under the Health Care Enterprise Zone Act. Amends the Property Tax Code. Provides that taxing districts may abate the property taxes for the property of any facility operated by a health care professional as part of his or her practice in a health care enterprise zone or specialty shortage zone certified under the Health Care Enterprise Zone Act. Provides that the aggregate amount of abated taxes for all taxing districts in any county may not exceed $5,000,000 per year.
Fiscal Note (Commission on Gov't Forecasting and Accountability)
Senate Bill 7 would reduce State corporate income tax revenues by an amount that cannot be determined due to the creation of the Health Care Enterprise Zone income tax credit. Senate Bill 7 could also reduce local property tax revenues due to the provision that would allow an abatement of property taxes in health care enterprise zones.
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