Illinois General Assembly - Bill Status for SB0397

Replaces everything after the enacting clause. Amends the Department of Revenue Law of the Civil Administrative Code of Illinois, the Illinois Income Tax Act, and the Housing Authorities Act. Provides that housing authorities may enter into an agreement with the Illinois Department of Revenue to establish a program for the purpose of collecting delinquent debts owed to housing authorities by intercepting State income tax refunds due the persons who owe delinquent debts to housing authorities. Provides for: priority of refund withholding requests; information to be given by housing authorities and the Department of Revenue and limitations on the use of the information; procedure; notices; determinations; liability; payments; fees; indemnification; rules; and other matters.

Replaces everything after the enacting clause. Makes findings. Creates the Illinois Independent Tax Tribunal Act. Provides that on and after July 1, 2013: the Department of Revenue shall no longer hear and act upon protests of notices of tax liability or deficiencies for all taxes administered by the Department or revocations of licenses issued by the Department of Revenue; an Independent Tax Tribunal Board shall assume, exercise, and administer all rights, powers, duties, and responsibilities pertaining to protests of notices of tax liability or deficiencies for all taxes administered by the Department of Revenue or revocations of licenses issued by the Department of Revenue; the Board shall be created by law; and no State agency shall assume the functions of the Board. Creates the Live Theater Production Tax Credit Act. Provides that certain taxpayers who are theater producers, owners, licensees, or operators, or who otherwise present live stage presentations within the State, are entitled to a credit against their income tax liability equal to a percentage of their Illinois production spending and Illinois labor expenditures. Provides that eligibility for the credit is determined by the Department of Commerce and Economic Opportunity. Amends the Illinois Income Tax Act to make conforming changes. Amends the Economic Development Area Tax Increment Allocation Act. Provides that any ordinance approving an economic development plan shall contain findings that the developer or any of its successor entities and its subsidiaries (instead of the economic development project area) shall create or retain not less than 4,250 (instead of 2,000) jobs. Provides that the duration of any existing economic development plan created pursuant to the Act is extended to a maximum duration of 15 years. Contains provisions concerning the allocation of moneys in the special tax allocation fund. Contains provisions concerning recapture of certain amounts disbursed to the developer. Requires the municipality to submit annual reports to the State Comptroller and to all taxing districts overlapping the economic development project area. Amends the Illinois Income Tax Act. Makes changes relating to: the investment credit; the research and development credit; the standard exemption; net losses; the earned income tax credit; sunsetting of exemptions, credits, and deductions; business income of federally-regulated exchanges; and estimated taxes. Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain taxpayers that are primarily engaged in the operation of a discount department store may elect to use the credit against their withholding tax liability. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Makes changes regarding: the tax on gasohol, majority blended ethanol fuel, biodiesel blends, and 100% biodiesel; and sunsetting of exemptions, credits, and deductions. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Increases the annual exclusion amount. Makes other changes.

Replaces everything after the enacting clause. Makes findings. Creates the Illinois Independent Tax Tribunal Act. Provides that on and after July 1, 2013: the Department of Revenue shall no longer hear and act upon protests of notices of tax liability or deficiencies for all taxes administered by the Department or revocations of licenses issued by the Department of Revenue; an Independent Tax Tribunal Board shall assume, exercise, and administer all rights, powers, duties, and responsibilities pertaining to protests of notices of tax liability or deficiencies for all taxes administered by the Department of Revenue or revocations of licenses issued by the Department of Revenue; the Board shall be created by law; and no State agency shall assume the functions of the Board. Creates the Live Theater Production Tax Credit Act. Provides that certain taxpayers who are theater producers, owners, licensees, or operators, or who otherwise present live stage presentations within the State, are entitled to a credit against their income tax liability equal to a percentage of their Illinois production spending and Illinois labor expenditures. Provides that eligibility for the credit is determined by the Department of Commerce and Economic Opportunity. Amends the Illinois Income Tax Act to make conforming changes. Amends the Economic Development Area Tax Increment Allocation Act. Provides that any ordinance approving an economic development plan shall contain findings that the developer or any of its successor entities and its subsidiaries (instead of the economic development project area) shall create or retain not less than 4,250 (instead of 2,000) jobs. Provides that the duration of any existing economic development plan created pursuant to the Act is extended to a maximum duration of 15 years. Contains provisions concerning the allocation of moneys in the special tax allocation fund. Contains provisions concerning recapture of certain amounts disbursed to the developer. Requires the municipality to submit annual reports to the State Comptroller and to all taxing districts overlapping the economic development project area. Amends the New Markets Development Program Act. Extends the sunset date for qualified equity investments through Fiscal Year 2017. Amends the Illinois Income Tax Act. Makes changes relating to: the investment credit; the research and development credit; net losses; sunsetting of exemptions, credits, and deductions; business income of federally-regulated exchanges; and estimated taxes. Amends the Small Business Job Creation Tax Credit Act. Makes changes concerning the incentive period. Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain taxpayers that are primarily engaged in the operation of a discount department store or the manufacture of auto filtration parts may elect to use the credit against their withholding tax liability. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Makes changes regarding: the tax on gasohol, majority blended ethanol fuel, biodiesel blends, and 100% biodiesel; and sunsetting of exemptions, credits, and deductions. Amends the Property Tax Code concerning abatements. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Increases the annual exclusion amount. Makes other changes.

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