92nd General Assembly
Summary of SB0232
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Senate Sponsors:

Short description: 
INCOME TAX-AG CO-OP CREDIT                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.   Creates  a  new  generation      
   cooperative incentive tax credit.  Provides for a credit of the lesser      
   of  50%  of  a  member's  investment  or  $20,000 for each member of a      
   nonprofit cooperative approved by the Department of Revenue and formed      
   for the purpose of operating (i) a facility  producing  goods  derived      
   from  an  agricultural  commodity  or using a process to produce goods      
   derived  from  an  agricultural  product  or  (ii)  a  renewable  fuel      
   production facility.  The credits allowed for any one  new  generation      
   cooperative may not exceed $5,000,000.  Effective immediately.              
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


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