Illinois General Assembly - Bill Status for HB4071

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Bill Status of HB4071 102nd General Assembly

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Short Description: INC TX-BANKRUPTCY RECAPTURE

House Sponsors
Rep. Katherine Cloonen

Last Action

Date	Chamber	Action
1/10/2017	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/224 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit for each small business taxpayer in an amount equal to 50%, but in no event to exceed $100,000, of the amount paid by the small business taxpayer during the taxable year to an insolvent debtor or a trustee as a result of a recapture under Section 547(b) of the federal Bankruptcy Code. Provides that the term "small business taxpayer" means a business employing no more than 200 employees. Effective immediately.

Actions

Date	Chamber	Action
2/27/2015	House	Filed with the Clerk by Rep. Katherine Cloonen
2/27/2015	House	First Reading
2/27/2015	House	Referred to Rules Committee
3/16/2015	House	Assigned to Revenue & Finance Committee
3/20/2015	House	To Income Tax Subcommittee
3/27/2015	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2017	House	Session Sine Die

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