SEVERNS-WALSH,T-GARCIA-FARLEY, BERMAN AND MADIGAN,R. (MOORE,EUGENE) 35 ILCS 5/201 from Ch. 120, par. 2-201 Amends the Illinois Income Tax Act. Provides that, for partners, shareholders of subchapter S corporations, and owners of limited liability companies, there shall be allowed a research and development credit to be determined in accordance with the determination of income and distributive share of income under the Internal Revenue Code. States that this amendatory Act is declarative of existing law and is not a new enactment. SENATE AMENDMENT NO. 1. Allows the owners of limited liability companies, if the company is treated as a partnership for federal and State income tax purposes, the investment credit, the training expense credit, and the research and development credit. 97-02-05 S FIRST READING 97-02-05 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-06 S ASSIGNED TO COMMITTEE REVENUE 97-02-28 S DO PASS 007-001-000 SREV 97-02-28 S PLACED ON CALENDAR ORDER OF 2ND READING 97-03-04 97-02-28 S SPONSOR REMOVED WALSH 97-02-28 S CHIEF SPONSOR CHANGED TO SEVERNS 97-02-28 S ADDED AS A CHIEF CO-SPONSOR WALSH,T 97-02-28 S ADDED AS A CHIEF CO-SPONSOR GARCIA 97-03-04 S SECOND READING 97-03-04 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-05 97-03-11 S FILED WITH SECRETARY 97-03-11 S AMENDMENT NO. 01-PETERSON 97-03-11 S AMENDMENT REFERRED TO SRUL 97-03-12 S AMENDMENT NO. 01-PETERSON 97-03-12 S BE APPROVED FOR CONSIDERATION SRUL 97-03-13 S RECALLED TO SECOND READING 97-03-13 S AMENDMENT NO. 01-PETERSON 97-03-13 S ADOPTED 97-03-13 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-14 97-03-17 S ADDED AS A CHIEF CO-SPONSOR FARLEY 97-03-17 S THIRD READING - PASSED 054-000-000 97-03-18 H ARRIVE IN HOUSE 97-03-18 H PLACED CALENDAR ORDER OF FIRST READING 97-03-18 H HOUSE SPONSOR MOORE,EUGENE 97-03-18 H FIRST READING 97-03-18 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-21 H ASSIGNED TO COMMITTEE REVENUE 97-05-08 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary