92nd General Assembly
Summary of HB4894
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Short description: 
INC TAX CRDT-BIO DRUG PRODUCTN                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act. Creates an income tax  credit      
   for individuals, corporations, trusts or estates, and partnerships for      
   pharmaceutical  production  expenses  incurred  and  paid  during  the      
   taxable  year  and  after  September 11, 2001. Defines "pharmaceutical      
   production"  as  a  taxpayer's  production  of  antibiotic  drugs  and      
   vaccines that are used to treat bioterrorism agents, including anthrax      
   and  smallpox;  "base   level"   as   a   taxpayer's   average   daily      
   pharmaceutical  production for the 365 day period ending September 11,      
   2001; and "pharmaceutical production expense" as an  expense  incurred      
   by  a  taxpayer  to  increase the taxpayer's pharmaceutical production      
   above the taxpayer's base level. Provides that the credit (i) is equal      
   to one-tenth of the pharmaceutical production  expense,  (ii)  may  be      
   carried forward for one year; (ii) may not be carried back or refunded      
   to  the  taxpayer. Requires approval of expenses for the credit by the      
   Department of Revenue.                                                      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


 Full Text  Bill Status