Full Text of SB3359 101st General Assembly
SB3359 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 SB3359 Introduced 2/14/2020, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED: |
| 35 ILCS 5/213 | | 30 ILCS 105/5.930 new | | 30 ILCS 105/6z-114 new | |
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Amends the Illinois Income Tax Act. Provides that, upon the transfer of a film production services credit, the taxpayer shall pay to the Department of Commerce and Economic Opportunity 1.5% of the credit amount, which shall be deposited into the Film Workforce Training and Diversity Fund. Amends the State Finance Act to create the Film Workforce Training and Diversity Fund. Provides that moneys in the Fund shall be used to provide grants to certain organizations and institutions to administer workforce development and training programs that support efforts to recruit, hire, promote, retain, develop, and train a diverse and inclusive workforce in the film industry. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 213 as follows:
| 6 | | (35 ILCS 5/213)
| 7 | | Sec. 213. Film production services credit. For tax years | 8 | | beginning on or
after January 1, 2004, a taxpayer who has been | 9 | | awarded a tax credit under the
Film Production Services Tax | 10 | | Credit Act or under the Film Production Services Tax Credit Act | 11 | | of 2008 is entitled to a credit against the
taxes imposed under | 12 | | subsections (a) and (b) of Section 201 of this Act in an
amount | 13 | | determined by the Department of Commerce and Economic | 14 | | Opportunity under those Acts. If the taxpayer is a partnership | 15 | | or
Subchapter S corporation, the credit is allowed to the | 16 | | partners or shareholders
in accordance with the determination | 17 | | of income and distributive share of income
under Sections 702 | 18 | | and 704 and Subchapter S of the Internal Revenue Code. | 19 | | A transfer of this credit may be made by the taxpayer | 20 | | earning the credit within one year after the credit is awarded | 21 | | in accordance with rules adopted by the Department of Commerce | 22 | | and Economic Opportunity.
Beginning July 1, 2020, if a credit | 23 | | is transferred under this Section by the taxpayer, then the |
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| 1 | | transferor taxpayer shall pay to the Department 1.5% of the | 2 | | credit amount, which shall be deposited into the Film Workforce | 3 | | Training and Diversity Fund. | 4 | | The
Department, in cooperation with the Department of | 5 | | Commerce and Economic Opportunity, must prescribe rules to | 6 | | enforce and administer the provisions of this
Section. This | 7 | | Section is exempt from the provisions of Section 250 of this
| 8 | | Act.
| 9 | | The credit may not be carried back. If the amount of the | 10 | | credit exceeds the tax liability for the year, the
excess may | 11 | | be carried forward and applied to the tax liability of the 5 | 12 | | taxable
years following the excess credit year. The credit
| 13 | | shall be applied to the earliest year for which there is a tax | 14 | | liability. If
there are credits from more than one tax year | 15 | | that are available to offset a
liability, the earlier credit | 16 | | shall be applied first. In no event shall a credit
under this | 17 | | Section reduce the taxpayer's
liability to less than
zero.
| 18 | | (Source: P.A. 94-171, eff. 7-11-05; 95-720, eff. 5-27-08.)
| 19 | | Section 10. The State Finance Act is amended by adding | 20 | | Sections 5.930 and 6z-114 as follows: | 21 | | (30 ILCS 105/5.930 new) | 22 | | Sec. 5.930. The Film Workforce Training and Diversity Fund. | 23 | | (30 ILCS 105/6z-114 new) |
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| 1 | | Sec. 6z-114. The Film Workforce Training and Diversity | 2 | | Fund. The Film Workforce Training and Diversity Fund is created | 3 | | as a special fund in the State treasury. Beginning July 1, | 4 | | 2020, amounts paid to the Department of Commerce and Economic | 5 | | Opportunity upon the transfer of a film production services | 6 | | credit shall be deposited into the Fund. The Fund shall be used | 7 | | exclusively to provide grants to community-based | 8 | | organizations, labor organizations, private and public | 9 | | universities, community colleges, and other organizations and | 10 | | institutions as deemed appropriate by the Department of | 11 | | Commerce and Economic Opportunity to administer workforce | 12 | | development and training programs that support efforts to | 13 | | recruit, hire, promote, retain, develop, and train a diverse | 14 | | and inclusive workforce in the film industry. | 15 | | The Department of Commerce and Economic Opportunity may | 16 | | adopt rules necessary to administer the provisions of this | 17 | | Section. | 18 | | Notwithstanding any other law to the contrary, the Film | 19 | | Workforce Training and Diversity Fund is not subject to sweeps, | 20 | | administrative charge-backs, or any other fiscal or budgetary | 21 | | maneuver that would in any way transfer any amounts from the | 22 | | Film Workforce Training and Diversity Fund. | 23 | | Section 99. Effective date. This Act takes effect upon | 24 | | becoming law.
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