90th General Assembly
Summary of SB0020
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Short description: 
INC TX-JOBS CREDIT-S CORPS                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Provides that  partners  and      
   shareholders  of  Subchapter  S corporations shall be allowed the jobs      
   tax  credit.   Provides  that  the  credit  shall  be  determined   in      
   accordance  with the determination of income and distributive share of      
   income under Sections 702 and 704 and Subchapter  S  of  the  Internal      
   Revenue Code.                                                               
        SENATE AMENDMENT NO. 1.                                                
        Deletes amendatory provisions.  Provides that  a  partnership  or      
   Subchapter  S  corporation that is otherwise eligible for the Jobs Tax      
   Credit for taxpayers conducting a trade or a business in an enterprise      
   zone or High Impact Business  may  pass  the  credit  through  to  the      
   shareholders  of the corporation or partners of the partnership in the      
   same manner as partnership  or  Subchapter  S  corporation  income  is      
   distributed  to  partners  and shareholders.  Provides that the credit      
   may then be applied against the income tax liability of the partner or      
        SENATE AMENDMENT NO. 2.                                                
        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 jobs tax credit, and the training expense      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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