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91_HB4135
LRB9111993SMdvB
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Sections 212 and 213.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Sections 212 and 213 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. Small business tax credit. For taxable years
9 2000 through 2004, every small business operating within
10 Illinois is entitled to claim as a credit against the tax
11 imposed by subsections (a) and (b) of Section 201 any amount
12 paid to the United States Small Business Administration as a
13 required fee pursuant to the obtaining of Small Business
14 Administration guaranteed financing. The credit may be
15 applied to the tax year in which the required fee was paid.
16 If the amount of the credit exceeds the tax liability for the
17 year, the excess may be carried forward and applied to the
18 tax liability of the 4 taxable years following the excess
19 credit year. The credit shall be claimable only by the small
20 business that is the primary obligor in the financing
21 transaction and that actually paid the required fee. For
22 purposes of this Section, "small business" means any
23 corporation, partnership, sole proprietorship, or other
24 business entity qualifying as "small" under the standards
25 contained in Part 121 of Title 13 of the Code of Federal
26 Regulations (13 C.F.R. 121).
27 (35 ILCS 5/213 new)
28 Sec. 213. Farm loan tax credit. For taxable years 2000
29 through 2004, every individual taxpayer is entitled to claim
30 as a credit against the tax imposed by subsections (a) and
-2- LRB9111993SMdvB
1 (b) of Section 201 any amount paid as a required fee to
2 obtain a guaranteed loan under the rural development loan
3 program or the farm service loan program administered by the
4 United States Department of Agriculture. The credit may be
5 applied to the tax year in which the required fee was paid.
6 If the amount of the credit exceeds the tax liability for the
7 year, the excess may be carried forward and applied to the
8 tax liability of the 4 taxable years following the excess
9 credit year. The credit shall be claimable only by the
10 taxpayer that is the primary obligor in the financing
11 transaction and that actually paid the required fee.
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.