Illinois General Assembly - Bill Status for SB3562

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Bill Status of SB3562 97th General Assembly

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Short Description: INC TX-PRODUCTION CREDIT

Senate Sponsors
Sen. Dave Syverson

Last Action

Date	Chamber	Action
1/8/2013	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/223 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2013 and prior to December 31, 2014, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2015, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately.

Actions

Date	Chamber	Action
2/8/2012	Senate	Filed with Secretary by Sen. Dave Syverson
2/8/2012	Senate	First Reading
2/8/2012	Senate	Referred to Assignments
2/22/2012	Senate	Assigned to Revenue
3/1/2012	Senate	To Revenue Subcommittee on Tax Credits
3/9/2012	Senate	Rule 2-10 Committee Deadline Established As March 30, 2012
3/30/2012	Senate	Rule 3-9(a) / Re-referred to Assignments
1/8/2013	Senate	Session Sine Die

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