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Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 25% of the aggregate qualified expenditures made by the taxpayer during the taxable year for the purpose of rehabilitating a building that (i) is located in an Enterprise Zone, River Edge Redevelopment Zone, or federally designated Foreign Trade Zone or Sub-Zone, (ii) is at least 20 years old, and (iii) has been unoccupied for a period of 2 consecutive years at any point during the taxable year. Provides that the credit may not exceed $50,000 per building. Provides that the taxpayer is required to provide the Zone Administrator with copies of certain records. Provides that the credit may be carried forward for a period of 5 years. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
Replaces everything after the enacting clause. Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, from August 6, 2010 through August 15, 2010, and each year thereafter beginning on the first Friday in August and ending on the Sunday occurring 9 days thereafter, the tax imposed under the Acts on clothing and school supplies shall be at the rate of 1.25% (instead of 6.25%). Provides that the reduction is not authorized for periods after August 16, 2013. Effective immediately.
Replaces everything after the enacting clause. Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, from August 6, 2010 through August 15, 2010 only, the tax imposed under the Acts on clothing and school supplies shall be at the rate of 1.25% (instead of 6.25%). Makes corresponding changes in the State Finance Act. Effective immediately.
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