90th General Assembly
Summary of HB1340
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House Sponsors:

Short description: 
INC TX CR-ECONOMIC REVITALIZE                                              

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Creates an income tax credit      
   equal to 5% of a business' taxable  income  for  every  taxpayer  that      
   operates  a business that (i) employed at least 20 full-time employees      
   for the entire  preceding  taxable  year,  (ii)  located,  during  the      
   taxable  year,  in  a  county with an annual average unemployment rate      
   that is at least 1.5 times the Statewide average  annual  unemployment      
   rate  for  1996,  and  (iii)  is a new business or was located outside      
   Illinois for at least the preceding 2 taxable  years.   Provides  that      
   the  credit  shall  not  reduce  the taxpayer's liability to less than      
   zero. Sunsets the credit after 10 years.                                    
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status