Illinois Senate Bill 1532

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 8 2023 - 25% progression
Action: 2024-03-15 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates an income tax credit for Illinois licensed wine manufacturers and craft brewers in an amount equal to 50% of the qualified costs incurred by a qualified taxpayer during the taxable year. Prohibits a taxpayer from receiving a credit of more than $1,500. Provides that the tax credit shall be awarded on the basis of costs related to the purchase of crops used in the manufacture of beer or wine that are grown and harvested in Illinois. Defines terms. Effective immediately.

INC TX-BEER/WINE CREDIT

Sen. Thomas Bennett [R]

Date	Chamber	Action
2024-03-15	Senate	Rule 3-9(a) / Re-referred to Assignments
2024-01-10	Senate	Re-assigned to Revenue
2023-03-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-02-14	Senate	Assigned to Revenue
2023-02-08	Senate	Referred to Assignments
2023-02-08	Senate	First Reading
2023-02-08	Senate	Filed with Secretary by Sen. Tom Bennett

Chapter	Article	Section	Citation Type	Statute Text
35	5	234	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1532&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1532.htm