Illinois General Assembly - Bill Status for SB2566
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 Bill Status of SB2566  102nd General Assembly


Short Description:  INC TX-INVESTMENT CREDIT

Senate Sponsors
Sen. Linda Holmes and Suzy Glowiak Hilton

Last Action
DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/232 new
35 ILCS 735/3-3from Ch. 120, par. 2603-3


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $30,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.

Actions 
DateChamber Action
  1/29/2020SenateFiled with Secretary by Sen. Linda Holmes
  1/29/2020SenateFirst Reading
  1/29/2020SenateReferred to Assignments
  2/4/2020SenateAssigned to Revenue
  2/4/2020SenateAdded as Co-Sponsor Sen. Suzy Glowiak Hilton
  2/26/2020SenateTo Subcommittee on Tax Exemptions and Credits
  3/18/2020SenateRule 2-10 Committee Deadline Established As April 2, 2020
  3/25/2020SenateRule 2-10 Committee Deadline Established As April 24, 2020
  3/25/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 7, 2020
  4/12/2020SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  4/16/2020SenateRule 2-10 Committee Deadline Established As April 30, 2020
  4/23/2020SenateRule 2-10 Committee Deadline Established As May 7, 2020
  4/23/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 15, 2020
  4/30/2020SenateRule 2-10 Committee Deadline Established As May 15, 2020
  4/30/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 22, 2020
  5/7/2020SenateRule 2-10 Committee Deadline Established As May 22, 2020
  5/7/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 29, 2020
  5/15/2020SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2020
  1/13/2021SenateSession Sine Die

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