Bill Amendment: IL SB0009 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: BUDGET ECON STABILIZ/VIDEO TAX
Status: 2017-07-06 - Public Act . . . . . . . . . 100-0022 [SB0009 Detail]
Download: Illinois-2017-SB0009-House_Amendment_001.html
Bill Title: BUDGET ECON STABILIZ/VIDEO TAX
Status: 2017-07-06 - Public Act . . . . . . . . . 100-0022 [SB0009 Detail]
Download: Illinois-2017-SB0009-House_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 9
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2 | AMENDMENT NO. ______. Amend Senate Bill 9 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
5 | changing Sections 201 and 222 and by adding Section 225 as | ||||||
6 | follows:
| ||||||
7 | (35 ILCS 5/201) (from Ch. 120, par. 2-201) | ||||||
8 | Sec. 201. Tax Imposed. | ||||||
9 | (a) In general. A tax measured by net income is hereby | ||||||
10 | imposed on every
individual, corporation, trust and estate for | ||||||
11 | each taxable year ending
after July 31, 1969 on the privilege | ||||||
12 | of earning or receiving income in or
as a resident of this | ||||||
13 | State. Such tax shall be in addition to all other
occupation or | ||||||
14 | privilege taxes imposed by this State or by any municipal
| ||||||
15 | corporation or political subdivision thereof. | ||||||
16 | (b) Rates. The tax imposed by subsection (a) of this |
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1 | Section shall be
determined as follows, except as adjusted by | ||||||
2 | subsection (d-1): | ||||||
3 | (1) In the case of an individual, trust or estate, for | ||||||
4 | taxable years
ending prior to July 1, 1989, an amount equal | ||||||
5 | to 2 1/2% of the taxpayer's
net income for the taxable | ||||||
6 | year. | ||||||
7 | (2) In the case of an individual, trust or estate, for | ||||||
8 | taxable years
beginning prior to July 1, 1989 and ending | ||||||
9 | after June 30, 1989, an amount
equal to the sum of (i) 2 | ||||||
10 | 1/2% of the taxpayer's net income for the period
prior to | ||||||
11 | July 1, 1989, as calculated under Section 202.3, and (ii) | ||||||
12 | 3% of the
taxpayer's net income for the period after June | ||||||
13 | 30, 1989, as calculated
under Section 202.3. | ||||||
14 | (3) In the case of an individual, trust or estate, for | ||||||
15 | taxable years
beginning after June 30, 1989, and ending | ||||||
16 | prior to January 1, 2011, an amount equal to 3% of the | ||||||
17 | taxpayer's net
income for the taxable year. | ||||||
18 | (4) In the case of an individual, trust, or estate, for | ||||||
19 | taxable years beginning prior to January 1, 2011, and | ||||||
20 | ending after December 31, 2010, an amount equal to the sum | ||||||
21 | of (i) 3% of the taxpayer's net income for the period prior | ||||||
22 | to January 1, 2011, as calculated under Section 202.5, and | ||||||
23 | (ii) 5% of the taxpayer's net income for the period after | ||||||
24 | December 31, 2010, as calculated under Section 202.5. | ||||||
25 | (5) In the case of an individual, trust, or estate, for | ||||||
26 | taxable years beginning on or after January 1, 2011, and |
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1 | ending prior to January 1, 2015, an amount equal to 5% of | ||||||
2 | the taxpayer's net income for the taxable year. | ||||||
3 | (5.1) In the case of an individual, trust, or estate, | ||||||
4 | for taxable years beginning prior to January 1, 2015, and | ||||||
5 | ending after December 31, 2014, an amount equal to the sum | ||||||
6 | of (i) 5% of the taxpayer's net income for the period prior | ||||||
7 | to January 1, 2015, as calculated under Section 202.5, and | ||||||
8 | (ii) 3.75% of the taxpayer's net income for the period | ||||||
9 | after December 31, 2014, as calculated under Section 202.5. | ||||||
10 | (5.2) In the case of an individual, trust, or estate, | ||||||
11 | for taxable years beginning on or after January 1, 2015, | ||||||
12 | and ending prior to January 1, 2025, an amount equal to | ||||||
13 | 3.75% of the taxpayer's net income for the taxable year. | ||||||
14 | (5.3) In the case of an individual, trust, or estate, | ||||||
15 | for taxable years beginning prior to January 1, 2025, and | ||||||
16 | ending after December 31, 2024, an amount equal to the sum | ||||||
17 | of (i) 3.75% of the taxpayer's net income for the period | ||||||
18 | prior to January 1, 2025, as calculated under Section | ||||||
19 | 202.5, and (ii) 3.25% of the taxpayer's net income for the | ||||||
20 | period after December 31, 2024, as calculated under Section | ||||||
21 | 202.5. | ||||||
22 | (5.4) In the case of an individual, trust, or estate, | ||||||
23 | for taxable years beginning on or after January 1, 2025, an | ||||||
24 | amount equal to 3.25% of the taxpayer's net income for the | ||||||
25 | taxable year. | ||||||
26 | (6) In the case of a corporation, for taxable years
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1 | ending prior to July 1, 1989, an amount equal to 4% of the
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2 | taxpayer's net income for the taxable year. | ||||||
3 | (7) In the case of a corporation, for taxable years | ||||||
4 | beginning prior to
July 1, 1989 and ending after June 30, | ||||||
5 | 1989, an amount equal to the sum of
(i) 4% of the | ||||||
6 | taxpayer's net income for the period prior to July 1, 1989,
| ||||||
7 | as calculated under Section 202.3, and (ii) 4.8% of the | ||||||
8 | taxpayer's net
income for the period after June 30, 1989, | ||||||
9 | as calculated under Section
202.3. | ||||||
10 | (8) In the case of a corporation, for taxable years | ||||||
11 | beginning after
June 30, 1989, and ending prior to January | ||||||
12 | 1, 2011, an amount equal to 4.8% of the taxpayer's net | ||||||
13 | income for the
taxable year. | ||||||
14 | (9) In the case of a corporation, for taxable years | ||||||
15 | beginning prior to January 1, 2011, and ending after | ||||||
16 | December 31, 2010, an amount equal to the sum of (i) 4.8% | ||||||
17 | of the taxpayer's net income for the period prior to | ||||||
18 | January 1, 2011, as calculated under Section 202.5, and | ||||||
19 | (ii) 7% of the taxpayer's net income for the period after | ||||||
20 | December 31, 2010, as calculated under Section 202.5. | ||||||
21 | (10) In the case of a corporation, for taxable years | ||||||
22 | beginning on or after January 1, 2011, and ending prior to | ||||||
23 | January 1, 2015, an amount equal to 7% of the taxpayer's | ||||||
24 | net income for the taxable year. | ||||||
25 | (11) In the case of a corporation, for taxable years | ||||||
26 | beginning prior to January 1, 2015, and ending after |
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1 | December 31, 2014, an amount equal to the sum of (i) 7% of | ||||||
2 | the taxpayer's net income for the period prior to January | ||||||
3 | 1, 2015, as calculated under Section 202.5, and (ii) 5.25% | ||||||
4 | of the taxpayer's net income for the period after December | ||||||
5 | 31, 2014, as calculated under Section 202.5. | ||||||
6 | (12) In the case of a corporation, for taxable years | ||||||
7 | beginning on or after January 1, 2015, and ending prior to | ||||||
8 | January 1, 2025, an amount equal to 5.25% of the taxpayer's | ||||||
9 | net income for the taxable year. | ||||||
10 | (13) In the case of a corporation, for taxable years | ||||||
11 | beginning prior to January 1, 2025, and ending after | ||||||
12 | December 31, 2024, an amount equal to the sum of (i) 5.25% | ||||||
13 | of the taxpayer's net income for the period prior to | ||||||
14 | January 1, 2025, as calculated under Section 202.5, and | ||||||
15 | (ii) 4.8% of the taxpayer's net income for the period after | ||||||
16 | December 31, 2024, as calculated under Section 202.5. | ||||||
17 | (14) In the case of a corporation, for taxable years | ||||||
18 | beginning on or after January 1, 2025, an amount equal to | ||||||
19 | 4.8% of the taxpayer's net income for the taxable year. | ||||||
20 | The rates under this subsection (b) are subject to the | ||||||
21 | provisions of Section 201.5. | ||||||
22 | (c) Personal Property Tax Replacement Income Tax.
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23 | Beginning on July 1, 1979 and thereafter, in addition to such | ||||||
24 | income
tax, there is also hereby imposed the Personal Property | ||||||
25 | Tax Replacement
Income Tax measured by net income on every | ||||||
26 | corporation (including Subchapter
S corporations), partnership |
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1 | and trust, for each taxable year ending after
June 30, 1979. | ||||||
2 | Such taxes are imposed on the privilege of earning or
receiving | ||||||
3 | income in or as a resident of this State. The Personal Property
| ||||||
4 | Tax Replacement Income Tax shall be in addition to the income | ||||||
5 | tax imposed
by subsections (a) and (b) of this Section and in | ||||||
6 | addition to all other
occupation or privilege taxes imposed by | ||||||
7 | this State or by any municipal
corporation or political | ||||||
8 | subdivision thereof. | ||||||
9 | (d) Additional Personal Property Tax Replacement Income | ||||||
10 | Tax Rates.
The personal property tax replacement income tax | ||||||
11 | imposed by this subsection
and subsection (c) of this Section | ||||||
12 | in the case of a corporation, other
than a Subchapter S | ||||||
13 | corporation and except as adjusted by subsection (d-1),
shall | ||||||
14 | be an additional amount equal to
2.85% of such taxpayer's net | ||||||
15 | income for the taxable year, except that
beginning on January | ||||||
16 | 1, 1981, and thereafter, the rate of 2.85% specified
in this | ||||||
17 | subsection shall be reduced to 2.5%, and in the case of a
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18 | partnership, trust or a Subchapter S corporation shall be an | ||||||
19 | additional
amount equal to 1.5% of such taxpayer's net income | ||||||
20 | for the taxable year. | ||||||
21 | (d-1) Rate reduction for certain foreign insurers. In the | ||||||
22 | case of a
foreign insurer, as defined by Section 35A-5 of the | ||||||
23 | Illinois Insurance Code,
whose state or country of domicile | ||||||
24 | imposes on insurers domiciled in Illinois
a retaliatory tax | ||||||
25 | (excluding any insurer
whose premiums from reinsurance assumed | ||||||
26 | are 50% or more of its total insurance
premiums as determined |
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1 | under paragraph (2) of subsection (b) of Section 304,
except | ||||||
2 | that for purposes of this determination premiums from | ||||||
3 | reinsurance do
not include premiums from inter-affiliate | ||||||
4 | reinsurance arrangements),
beginning with taxable years ending | ||||||
5 | on or after December 31, 1999,
the sum of
the rates of tax | ||||||
6 | imposed by subsections (b) and (d) shall be reduced (but not
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7 | increased) to the rate at which the total amount of tax imposed | ||||||
8 | under this Act,
net of all credits allowed under this Act, | ||||||
9 | shall equal (i) the total amount of
tax that would be imposed | ||||||
10 | on the foreign insurer's net income allocable to
Illinois for | ||||||
11 | the taxable year by such foreign insurer's state or country of
| ||||||
12 | domicile if that net income were subject to all income taxes | ||||||
13 | and taxes
measured by net income imposed by such foreign | ||||||
14 | insurer's state or country of
domicile, net of all credits | ||||||
15 | allowed or (ii) a rate of zero if no such tax is
imposed on such | ||||||
16 | income by the foreign insurer's state of domicile.
For the | ||||||
17 | purposes of this subsection (d-1), an inter-affiliate includes | ||||||
18 | a
mutual insurer under common management. | ||||||
19 | (1) For the purposes of subsection (d-1), in no event | ||||||
20 | shall the sum of the
rates of tax imposed by subsections | ||||||
21 | (b) and (d) be reduced below the rate at
which the sum of: | ||||||
22 | (A) the total amount of tax imposed on such foreign | ||||||
23 | insurer under
this Act for a taxable year, net of all | ||||||
24 | credits allowed under this Act, plus | ||||||
25 | (B) the privilege tax imposed by Section 409 of the | ||||||
26 | Illinois Insurance
Code, the fire insurance company |
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1 | tax imposed by Section 12 of the Fire
Investigation | ||||||
2 | Act, and the fire department taxes imposed under | ||||||
3 | Section 11-10-1
of the Illinois Municipal Code, | ||||||
4 | equals 1.25% for taxable years ending prior to December 31, | ||||||
5 | 2003, or
1.75% for taxable years ending on or after | ||||||
6 | December 31, 2003, of the net
taxable premiums written for | ||||||
7 | the taxable year,
as described by subsection (1) of Section | ||||||
8 | 409 of the Illinois Insurance Code.
This paragraph will in | ||||||
9 | no event increase the rates imposed under subsections
(b) | ||||||
10 | and (d). | ||||||
11 | (2) Any reduction in the rates of tax imposed by this | ||||||
12 | subsection shall be
applied first against the rates imposed | ||||||
13 | by subsection (b) and only after the
tax imposed by | ||||||
14 | subsection (a) net of all credits allowed under this | ||||||
15 | Section
other than the credit allowed under subsection (i) | ||||||
16 | has been reduced to zero,
against the rates imposed by | ||||||
17 | subsection (d). | ||||||
18 | This subsection (d-1) is exempt from the provisions of | ||||||
19 | Section 250. | ||||||
20 | (e) Investment credit. A taxpayer shall be allowed a credit
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21 | against the Personal Property Tax Replacement Income Tax for
| ||||||
22 | investment in qualified property. | ||||||
23 | (1) A taxpayer shall be allowed a credit equal to .5% | ||||||
24 | of
the basis of qualified property placed in service during | ||||||
25 | the taxable year,
provided such property is placed in | ||||||
26 | service on or after
July 1, 1984. There shall be allowed an |
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1 | additional credit equal
to .5% of the basis of qualified | ||||||
2 | property placed in service during the
taxable year, | ||||||
3 | provided such property is placed in service on or
after | ||||||
4 | July 1, 1986, and the taxpayer's base employment
within | ||||||
5 | Illinois has increased by 1% or more over the preceding | ||||||
6 | year as
determined by the taxpayer's employment records | ||||||
7 | filed with the
Illinois Department of Employment Security. | ||||||
8 | Taxpayers who are new to
Illinois shall be deemed to have | ||||||
9 | met the 1% growth in base employment for
the first year in | ||||||
10 | which they file employment records with the Illinois
| ||||||
11 | Department of Employment Security. The provisions added to | ||||||
12 | this Section by
Public Act 85-1200 (and restored by Public | ||||||
13 | Act 87-895) shall be
construed as declaratory of existing | ||||||
14 | law and not as a new enactment. If,
in any year, the | ||||||
15 | increase in base employment within Illinois over the
| ||||||
16 | preceding year is less than 1%, the additional credit shall | ||||||
17 | be limited to that
percentage times a fraction, the | ||||||
18 | numerator of which is .5% and the denominator
of which is | ||||||
19 | 1%, but shall not exceed .5%. The investment credit shall | ||||||
20 | not be
allowed to the extent that it would reduce a | ||||||
21 | taxpayer's liability in any tax
year below zero, nor may | ||||||
22 | any credit for qualified property be allowed for any
year | ||||||
23 | other than the year in which the property was placed in | ||||||
24 | service in
Illinois. For tax years ending on or after | ||||||
25 | December 31, 1987, and on or
before December 31, 1988, the | ||||||
26 | credit shall be allowed for the tax year in
which the |
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1 | property is placed in service, or, if the amount of the | ||||||
2 | credit
exceeds the tax liability for that year, whether it | ||||||
3 | exceeds the original
liability or the liability as later | ||||||
4 | amended, such excess may be carried
forward and applied to | ||||||
5 | the tax liability of the 5 taxable years following
the | ||||||
6 | excess credit years if the taxpayer (i) makes investments | ||||||
7 | which cause
the creation of a minimum of 2,000 full-time | ||||||
8 | equivalent jobs in Illinois,
(ii) is located in an | ||||||
9 | enterprise zone established pursuant to the Illinois
| ||||||
10 | Enterprise Zone Act and (iii) is certified by the | ||||||
11 | Department of Commerce
and Community Affairs (now | ||||||
12 | Department of Commerce and Economic Opportunity) as | ||||||
13 | complying with the requirements specified in
clause (i) and | ||||||
14 | (ii) by July 1, 1986. The Department of Commerce and
| ||||||
15 | Community Affairs (now Department of Commerce and Economic | ||||||
16 | Opportunity) shall notify the Department of Revenue of all | ||||||
17 | such
certifications immediately. For tax years ending | ||||||
18 | after December 31, 1988,
the credit shall be allowed for | ||||||
19 | the tax year in which the property is
placed in service, | ||||||
20 | or, if the amount of the credit exceeds the tax
liability | ||||||
21 | for that year, whether it exceeds the original liability or | ||||||
22 | the
liability as later amended, such excess may be carried | ||||||
23 | forward and applied
to the tax liability of the 5 taxable | ||||||
24 | years following the excess credit
years. The credit shall | ||||||
25 | be applied to the earliest year for which there is
a | ||||||
26 | liability. If there is credit from more than one tax year |
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1 | that is
available to offset a liability, earlier credit | ||||||
2 | shall be applied first. | ||||||
3 | (2) The term "qualified property" means property | ||||||
4 | which: | ||||||
5 | (A) is tangible, whether new or used, including | ||||||
6 | buildings and structural
components of buildings and | ||||||
7 | signs that are real property, but not including
land or | ||||||
8 | improvements to real property that are not a structural | ||||||
9 | component of a
building such as landscaping, sewer | ||||||
10 | lines, local access roads, fencing, parking
lots, and | ||||||
11 | other appurtenances; | ||||||
12 | (B) is depreciable pursuant to Section 167 of the | ||||||
13 | Internal Revenue Code,
except that "3-year property" | ||||||
14 | as defined in Section 168(c)(2)(A) of that
Code is not | ||||||
15 | eligible for the credit provided by this subsection | ||||||
16 | (e); | ||||||
17 | (C) is acquired by purchase as defined in Section | ||||||
18 | 179(d) of
the Internal Revenue Code; | ||||||
19 | (D) is used in Illinois by a taxpayer who is | ||||||
20 | primarily engaged in
manufacturing, or in mining coal | ||||||
21 | or fluorite, or in retailing, or was placed in service | ||||||
22 | on or after July 1, 2006 in a River Edge Redevelopment | ||||||
23 | Zone established pursuant to the River Edge | ||||||
24 | Redevelopment Zone Act; and | ||||||
25 | (E) has not previously been used in Illinois in | ||||||
26 | such a manner and by
such a person as would qualify for |
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| |||||||
1 | the credit provided by this subsection
(e) or | ||||||
2 | subsection (f). | ||||||
3 | (3) For purposes of this subsection (e), | ||||||
4 | "manufacturing" means
the material staging and production | ||||||
5 | of tangible personal property by
procedures commonly | ||||||
6 | regarded as manufacturing, processing, fabrication, or
| ||||||
7 | assembling which changes some existing material into new | ||||||
8 | shapes, new
qualities, or new combinations. For purposes of | ||||||
9 | this subsection
(e) the term "mining" shall have the same | ||||||
10 | meaning as the term "mining" in
Section 613(c) of the | ||||||
11 | Internal Revenue Code. For purposes of this subsection
(e), | ||||||
12 | the term "retailing" means the sale of tangible personal | ||||||
13 | property for use or consumption and not for resale, or
| ||||||
14 | services rendered in conjunction with the sale of tangible | ||||||
15 | personal property for use or consumption and not for | ||||||
16 | resale. For purposes of this subsection (e), "tangible | ||||||
17 | personal property" has the same meaning as when that term | ||||||
18 | is used in the Retailers' Occupation Tax Act, and, for | ||||||
19 | taxable years ending after December 31, 2008, does not | ||||||
20 | include the generation, transmission, or distribution of | ||||||
21 | electricity. | ||||||
22 | (4) The basis of qualified property shall be the basis
| ||||||
23 | used to compute the depreciation deduction for federal | ||||||
24 | income tax purposes. | ||||||
25 | (5) If the basis of the property for federal income tax | ||||||
26 | depreciation
purposes is increased after it has been placed |
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| |||||||
1 | in service in Illinois by
the taxpayer, the amount of such | ||||||
2 | increase shall be deemed property placed
in service on the | ||||||
3 | date of such increase in basis. | ||||||
4 | (6) The term "placed in service" shall have the same
| ||||||
5 | meaning as under Section 46 of the Internal Revenue Code. | ||||||
6 | (7) If during any taxable year, any property ceases to
| ||||||
7 | be qualified property in the hands of the taxpayer within | ||||||
8 | 48 months after
being placed in service, or the situs of | ||||||
9 | any qualified property is
moved outside Illinois within 48 | ||||||
10 | months after being placed in service, the
Personal Property | ||||||
11 | Tax Replacement Income Tax for such taxable year shall be
| ||||||
12 | increased. Such increase shall be determined by (i) | ||||||
13 | recomputing the
investment credit which would have been | ||||||
14 | allowed for the year in which
credit for such property was | ||||||
15 | originally allowed by eliminating such
property from such | ||||||
16 | computation and, (ii) subtracting such recomputed credit
| ||||||
17 | from the amount of credit previously allowed. For the | ||||||
18 | purposes of this
paragraph (7), a reduction of the basis of | ||||||
19 | qualified property resulting
from a redetermination of the | ||||||
20 | purchase price shall be deemed a disposition
of qualified | ||||||
21 | property to the extent of such reduction. | ||||||
22 | (8) Unless the investment credit is extended by law, | ||||||
23 | the
basis of qualified property shall not include costs | ||||||
24 | incurred after
December 31, 2018, except for costs incurred | ||||||
25 | pursuant to a binding
contract entered into on or before | ||||||
26 | December 31, 2018. |
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1 | (9) Each taxable year ending before December 31, 2000, | ||||||
2 | a partnership may
elect to pass through to its
partners the | ||||||
3 | credits to which the partnership is entitled under this | ||||||
4 | subsection
(e) for the taxable year. A partner may use the | ||||||
5 | credit allocated to him or her
under this paragraph only | ||||||
6 | against the tax imposed in subsections (c) and (d) of
this | ||||||
7 | Section. If the partnership makes that election, those | ||||||
8 | credits shall be
allocated among the partners in the | ||||||
9 | partnership in accordance with the rules
set forth in | ||||||
10 | Section 704(b) of the Internal Revenue Code, and the rules
| ||||||
11 | promulgated under that Section, and the allocated amount of | ||||||
12 | the credits shall
be allowed to the partners for that | ||||||
13 | taxable year. The partnership shall make
this election on | ||||||
14 | its Personal Property Tax Replacement Income Tax return for
| ||||||
15 | that taxable year. The election to pass through the credits | ||||||
16 | shall be
irrevocable. | ||||||
17 | For taxable years ending on or after December 31, 2000, | ||||||
18 | a
partner that qualifies its
partnership for a subtraction | ||||||
19 | under subparagraph (I) of paragraph (2) of
subsection (d) | ||||||
20 | of Section 203 or a shareholder that qualifies a Subchapter | ||||||
21 | S
corporation for a subtraction under subparagraph (S) of | ||||||
22 | paragraph (2) of
subsection (b) of Section 203 shall be | ||||||
23 | allowed a credit under this subsection
(e) equal to its | ||||||
24 | share of the credit earned under this subsection (e) during
| ||||||
25 | the taxable year by the partnership or Subchapter S | ||||||
26 | corporation, determined in
accordance with the |
| |||||||
| |||||||
1 | determination of income and distributive share of
income | ||||||
2 | under Sections 702 and 704 and Subchapter S of the Internal | ||||||
3 | Revenue
Code. This paragraph is exempt from the provisions | ||||||
4 | of Section 250. | ||||||
5 | (f) Investment credit; Enterprise Zone; River Edge | ||||||
6 | Redevelopment Zone. | ||||||
7 | (1) A taxpayer shall be allowed a credit against the | ||||||
8 | tax imposed
by subsections (a) and (b) of this Section for | ||||||
9 | investment in qualified
property which is placed in service | ||||||
10 | in an Enterprise Zone created
pursuant to the Illinois | ||||||
11 | Enterprise Zone Act or, for property placed in service on | ||||||
12 | or after July 1, 2006, a River Edge Redevelopment Zone | ||||||
13 | established pursuant to the River Edge Redevelopment Zone | ||||||
14 | Act. For partners, shareholders
of Subchapter S | ||||||
15 | corporations, and owners of limited liability companies,
| ||||||
16 | if the liability company is treated as a partnership for | ||||||
17 | purposes of
federal and State income taxation, there shall | ||||||
18 | be allowed a credit under
this subsection (f) to be | ||||||
19 | determined in accordance with the determination
of income | ||||||
20 | and distributive share of income under Sections 702 and 704 | ||||||
21 | and
Subchapter S of the Internal Revenue Code. The credit | ||||||
22 | shall be .5% of the
basis for such property. The credit | ||||||
23 | shall be available only in the taxable
year in which the | ||||||
24 | property is placed in service in the Enterprise Zone or | ||||||
25 | River Edge Redevelopment Zone and
shall not be allowed to | ||||||
26 | the extent that it would reduce a taxpayer's
liability for |
| |||||||
| |||||||
1 | the tax imposed by subsections (a) and (b) of this Section | ||||||
2 | to
below zero. For tax years ending on or after December | ||||||
3 | 31, 1985, the credit
shall be allowed for the tax year in | ||||||
4 | which the property is placed in
service, or, if the amount | ||||||
5 | of the credit exceeds the tax liability for that
year, | ||||||
6 | whether it exceeds the original liability or the liability | ||||||
7 | as later
amended, such excess may be carried forward and | ||||||
8 | applied to the tax
liability of the 5 taxable years | ||||||
9 | following the excess credit year.
The credit shall be | ||||||
10 | applied to the earliest year for which there is a
| ||||||
11 | liability. If there is credit from more than one tax year | ||||||
12 | that is available
to offset a liability, the credit | ||||||
13 | accruing first in time shall be applied
first. | ||||||
14 | (2) The term qualified property means property which: | ||||||
15 | (A) is tangible, whether new or used, including | ||||||
16 | buildings and
structural components of buildings; | ||||||
17 | (B) is depreciable pursuant to Section 167 of the | ||||||
18 | Internal Revenue
Code, except that "3-year property" | ||||||
19 | as defined in Section 168(c)(2)(A) of
that Code is not | ||||||
20 | eligible for the credit provided by this subsection | ||||||
21 | (f); | ||||||
22 | (C) is acquired by purchase as defined in Section | ||||||
23 | 179(d) of
the Internal Revenue Code; | ||||||
24 | (D) is used in the Enterprise Zone or River Edge | ||||||
25 | Redevelopment Zone by the taxpayer; and | ||||||
26 | (E) has not been previously used in Illinois in |
| |||||||
| |||||||
1 | such a manner and by
such a person as would qualify for | ||||||
2 | the credit provided by this subsection
(f) or | ||||||
3 | subsection (e). | ||||||
4 | (3) The basis of qualified property shall be the basis | ||||||
5 | used to compute
the depreciation deduction for federal | ||||||
6 | income tax purposes. | ||||||
7 | (4) If the basis of the property for federal income tax | ||||||
8 | depreciation
purposes is increased after it has been placed | ||||||
9 | in service in the Enterprise
Zone or River Edge | ||||||
10 | Redevelopment Zone by the taxpayer, the amount of such | ||||||
11 | increase shall be deemed property
placed in service on the | ||||||
12 | date of such increase in basis. | ||||||
13 | (5) The term "placed in service" shall have the same | ||||||
14 | meaning as under
Section 46 of the Internal Revenue Code. | ||||||
15 | (6) If during any taxable year, any property ceases to | ||||||
16 | be qualified
property in the hands of the taxpayer within | ||||||
17 | 48 months after being placed
in service, or the situs of | ||||||
18 | any qualified property is moved outside the
Enterprise Zone | ||||||
19 | or River Edge Redevelopment Zone within 48 months after | ||||||
20 | being placed in service, the tax
imposed under subsections | ||||||
21 | (a) and (b) of this Section for such taxable year
shall be | ||||||
22 | increased. Such increase shall be determined by (i) | ||||||
23 | recomputing
the investment credit which would have been | ||||||
24 | allowed for the year in which
credit for such property was | ||||||
25 | originally allowed by eliminating such
property from such | ||||||
26 | computation, and (ii) subtracting such recomputed credit
|
| |||||||
| |||||||
1 | from the amount of credit previously allowed. For the | ||||||
2 | purposes of this
paragraph (6), a reduction of the basis of | ||||||
3 | qualified property resulting
from a redetermination of the | ||||||
4 | purchase price shall be deemed a disposition
of qualified | ||||||
5 | property to the extent of such reduction. | ||||||
6 | (7) There shall be allowed an additional credit equal | ||||||
7 | to 0.5% of the basis of qualified property placed in | ||||||
8 | service during the taxable year in a River Edge | ||||||
9 | Redevelopment Zone, provided such property is placed in | ||||||
10 | service on or after July 1, 2006, and the taxpayer's base | ||||||
11 | employment within Illinois has increased by 1% or more over | ||||||
12 | the preceding year as determined by the taxpayer's | ||||||
13 | employment records filed with the Illinois Department of | ||||||
14 | Employment Security. Taxpayers who are new to Illinois | ||||||
15 | shall be deemed to have met the 1% growth in base | ||||||
16 | employment for the first year in which they file employment | ||||||
17 | records with the Illinois Department of Employment | ||||||
18 | Security. If, in any year, the increase in base employment | ||||||
19 | within Illinois over the preceding year is less than 1%, | ||||||
20 | the additional credit shall be limited to that percentage | ||||||
21 | times a fraction, the numerator of which is 0.5% and the | ||||||
22 | denominator of which is 1%, but shall not exceed 0.5%.
| ||||||
23 | (g) (Blank). | ||||||
24 | (h) Investment credit; High Impact Business. | ||||||
25 | (1) Subject to subsections (b) and (b-5) of Section
5.5 | ||||||
26 | of the Illinois Enterprise Zone Act, a taxpayer shall be |
| |||||||
| |||||||
1 | allowed a credit
against the tax imposed by subsections (a) | ||||||
2 | and (b) of this Section for
investment in qualified
| ||||||
3 | property which is placed in service by a Department of | ||||||
4 | Commerce and Economic Opportunity
designated High Impact | ||||||
5 | Business. The credit shall be .5% of the basis
for such | ||||||
6 | property. The credit shall not be available (i) until the | ||||||
7 | minimum
investments in qualified property set forth in | ||||||
8 | subdivision (a)(3)(A) of
Section 5.5 of the Illinois
| ||||||
9 | Enterprise Zone Act have been satisfied
or (ii) until the | ||||||
10 | time authorized in subsection (b-5) of the Illinois
| ||||||
11 | Enterprise Zone Act for entities designated as High Impact | ||||||
12 | Businesses under
subdivisions (a)(3)(B), (a)(3)(C), and | ||||||
13 | (a)(3)(D) of Section 5.5 of the Illinois
Enterprise Zone | ||||||
14 | Act, and shall not be allowed to the extent that it would
| ||||||
15 | reduce a taxpayer's liability for the tax imposed by | ||||||
16 | subsections (a) and (b) of
this Section to below zero. The | ||||||
17 | credit applicable to such investments shall be
taken in the | ||||||
18 | taxable year in which such investments have been completed. | ||||||
19 | The
credit for additional investments beyond the minimum | ||||||
20 | investment by a designated
high impact business authorized | ||||||
21 | under subdivision (a)(3)(A) of Section 5.5 of
the Illinois | ||||||
22 | Enterprise Zone Act shall be available only in the taxable | ||||||
23 | year in
which the property is placed in service and shall | ||||||
24 | not be allowed to the extent
that it would reduce a | ||||||
25 | taxpayer's liability for the tax imposed by subsections
(a) | ||||||
26 | and (b) of this Section to below zero.
For tax years ending |
| |||||||
| |||||||
1 | on or after December 31, 1987, the credit shall be
allowed | ||||||
2 | for the tax year in which the property is placed in | ||||||
3 | service, or, if
the amount of the credit exceeds the tax | ||||||
4 | liability for that year, whether
it exceeds the original | ||||||
5 | liability or the liability as later amended, such
excess | ||||||
6 | may be carried forward and applied to the tax liability of | ||||||
7 | the 5
taxable years following the excess credit year. The | ||||||
8 | credit shall be
applied to the earliest year for which | ||||||
9 | there is a liability. If there is
credit from more than one | ||||||
10 | tax year that is available to offset a liability,
the | ||||||
11 | credit accruing first in time shall be applied first. | ||||||
12 | Changes made in this subdivision (h)(1) by Public Act | ||||||
13 | 88-670
restore changes made by Public Act 85-1182 and | ||||||
14 | reflect existing law. | ||||||
15 | (2) The term qualified property means property which: | ||||||
16 | (A) is tangible, whether new or used, including | ||||||
17 | buildings and
structural components of buildings; | ||||||
18 | (B) is depreciable pursuant to Section 167 of the | ||||||
19 | Internal Revenue
Code, except that "3-year property" | ||||||
20 | as defined in Section 168(c)(2)(A) of
that Code is not | ||||||
21 | eligible for the credit provided by this subsection | ||||||
22 | (h); | ||||||
23 | (C) is acquired by purchase as defined in Section | ||||||
24 | 179(d) of the
Internal Revenue Code; and | ||||||
25 | (D) is not eligible for the Enterprise Zone | ||||||
26 | Investment Credit provided
by subsection (f) of this |
| |||||||
| |||||||
1 | Section. | ||||||
2 | (3) The basis of qualified property shall be the basis | ||||||
3 | used to compute
the depreciation deduction for federal | ||||||
4 | income tax purposes. | ||||||
5 | (4) If the basis of the property for federal income tax | ||||||
6 | depreciation
purposes is increased after it has been placed | ||||||
7 | in service in a federally
designated Foreign Trade Zone or | ||||||
8 | Sub-Zone located in Illinois by the taxpayer,
the amount of | ||||||
9 | such increase shall be deemed property placed in service on
| ||||||
10 | the date of such increase in basis. | ||||||
11 | (5) The term "placed in service" shall have the same | ||||||
12 | meaning as under
Section 46 of the Internal Revenue Code. | ||||||
13 | (6) If during any taxable year ending on or before | ||||||
14 | December 31, 1996,
any property ceases to be qualified
| ||||||
15 | property in the hands of the taxpayer within 48 months | ||||||
16 | after being placed
in service, or the situs of any | ||||||
17 | qualified property is moved outside
Illinois within 48 | ||||||
18 | months after being placed in service, the tax imposed
under | ||||||
19 | subsections (a) and (b) of this Section for such taxable | ||||||
20 | year shall
be increased. Such increase shall be determined | ||||||
21 | by (i) recomputing the
investment credit which would have | ||||||
22 | been allowed for the year in which
credit for such property | ||||||
23 | was originally allowed by eliminating such
property from | ||||||
24 | such computation, and (ii) subtracting such recomputed | ||||||
25 | credit
from the amount of credit previously allowed. For | ||||||
26 | the purposes of this
paragraph (6), a reduction of the |
| |||||||
| |||||||
1 | basis of qualified property resulting
from a | ||||||
2 | redetermination of the purchase price shall be deemed a | ||||||
3 | disposition
of qualified property to the extent of such | ||||||
4 | reduction. | ||||||
5 | (7) Beginning with tax years ending after December 31, | ||||||
6 | 1996, if a
taxpayer qualifies for the credit under this | ||||||
7 | subsection (h) and thereby is
granted a tax abatement and | ||||||
8 | the taxpayer relocates its entire facility in
violation of | ||||||
9 | the explicit terms and length of the contract under Section
| ||||||
10 | 18-183 of the Property Tax Code, the tax imposed under | ||||||
11 | subsections
(a) and (b) of this Section shall be increased | ||||||
12 | for the taxable year
in which the taxpayer relocated its | ||||||
13 | facility by an amount equal to the
amount of credit | ||||||
14 | received by the taxpayer under this subsection (h). | ||||||
15 | (i) Credit for Personal Property Tax Replacement Income | ||||||
16 | Tax.
For tax years ending prior to December 31, 2003, a credit | ||||||
17 | shall be allowed
against the tax imposed by
subsections (a) and | ||||||
18 | (b) of this Section for the tax imposed by subsections (c)
and | ||||||
19 | (d) of this Section. This credit shall be computed by | ||||||
20 | multiplying the tax
imposed by subsections (c) and (d) of this | ||||||
21 | Section by a fraction, the numerator
of which is base income | ||||||
22 | allocable to Illinois and the denominator of which is
Illinois | ||||||
23 | base income, and further multiplying the product by the tax | ||||||
24 | rate
imposed by subsections (a) and (b) of this Section. | ||||||
25 | Any credit earned on or after December 31, 1986 under
this | ||||||
26 | subsection which is unused in the year
the credit is computed |
| |||||||
| |||||||
1 | because it exceeds the tax liability imposed by
subsections (a) | ||||||
2 | and (b) for that year (whether it exceeds the original
| ||||||
3 | liability or the liability as later amended) may be carried | ||||||
4 | forward and
applied to the tax liability imposed by subsections | ||||||
5 | (a) and (b) of the 5
taxable years following the excess credit | ||||||
6 | year, provided that no credit may
be carried forward to any | ||||||
7 | year ending on or
after December 31, 2003. This credit shall be
| ||||||
8 | applied first to the earliest year for which there is a | ||||||
9 | liability. If
there is a credit under this subsection from more | ||||||
10 | than one tax year that is
available to offset a liability the | ||||||
11 | earliest credit arising under this
subsection shall be applied | ||||||
12 | first. | ||||||
13 | If, during any taxable year ending on or after December 31, | ||||||
14 | 1986, the
tax imposed by subsections (c) and (d) of this | ||||||
15 | Section for which a taxpayer
has claimed a credit under this | ||||||
16 | subsection (i) is reduced, the amount of
credit for such tax | ||||||
17 | shall also be reduced. Such reduction shall be
determined by | ||||||
18 | recomputing the credit to take into account the reduced tax
| ||||||
19 | imposed by subsections (c) and (d). If any portion of the
| ||||||
20 | reduced amount of credit has been carried to a different | ||||||
21 | taxable year, an
amended return shall be filed for such taxable | ||||||
22 | year to reduce the amount of
credit claimed. | ||||||
23 | (j) Training expense credit. Beginning with tax years | ||||||
24 | ending on or
after December 31, 1986 and prior to December 31, | ||||||
25 | 2003, a taxpayer shall be
allowed a credit against the
tax | ||||||
26 | imposed by subsections (a) and (b) under this Section
for all |
| |||||||
| |||||||
1 | amounts paid or accrued, on behalf of all persons
employed by | ||||||
2 | the taxpayer in Illinois or Illinois residents employed
outside | ||||||
3 | of Illinois by a taxpayer, for educational or vocational | ||||||
4 | training in
semi-technical or technical fields or semi-skilled | ||||||
5 | or skilled fields, which
were deducted from gross income in the | ||||||
6 | computation of taxable income. The
credit against the tax | ||||||
7 | imposed by subsections (a) and (b) shall be 1.6% of
such | ||||||
8 | training expenses. For partners, shareholders of subchapter S
| ||||||
9 | corporations, and owners of limited liability companies, if the | ||||||
10 | liability
company is treated as a partnership for purposes of | ||||||
11 | federal and State income
taxation, there shall be allowed a | ||||||
12 | credit under this subsection (j) to be
determined in accordance | ||||||
13 | with the determination of income and distributive
share of | ||||||
14 | income under Sections 702 and 704 and subchapter S of the | ||||||
15 | Internal
Revenue Code. | ||||||
16 | Any credit allowed under this subsection which is unused in | ||||||
17 | the year
the credit is earned may be carried forward to each of | ||||||
18 | the 5 taxable
years following the year for which the credit is | ||||||
19 | first computed until it is
used. This credit shall be applied | ||||||
20 | first to the earliest year for which
there is a liability. If | ||||||
21 | there is a credit under this subsection from more
than one tax | ||||||
22 | year that is available to offset a liability the earliest
| ||||||
23 | credit arising under this subsection shall be applied first. No | ||||||
24 | carryforward
credit may be claimed in any tax year ending on or | ||||||
25 | after
December 31, 2003. | ||||||
26 | (k) Research and development credit. For tax years ending |
| |||||||
| |||||||
1 | after July 1, 1990 and prior to
December 31, 2003, and | ||||||
2 | beginning again for tax years ending on or after December 31, | ||||||
3 | 2004 , and ending prior to January 1, 2016, a taxpayer shall be
| ||||||
4 | allowed a credit against the tax imposed by subsections (a) and | ||||||
5 | (b) of this
Section for increasing research activities in this | ||||||
6 | State. The credit
allowed against the tax imposed by | ||||||
7 | subsections (a) and (b) shall be equal
to 6 1/2% of the | ||||||
8 | qualifying expenditures for increasing research activities
in | ||||||
9 | this State. For partners, shareholders of subchapter S | ||||||
10 | corporations, and
owners of limited liability companies, if the | ||||||
11 | liability company is treated as a
partnership for purposes of | ||||||
12 | federal and State income taxation, there shall be
allowed a | ||||||
13 | credit under this subsection to be determined in accordance | ||||||
14 | with the
determination of income and distributive share of | ||||||
15 | income under Sections 702 and
704 and subchapter S of the | ||||||
16 | Internal Revenue Code. | ||||||
17 | For purposes of this subsection, "qualifying expenditures" | ||||||
18 | means the
qualifying expenditures as defined for the federal | ||||||
19 | credit for increasing
research activities which would be | ||||||
20 | allowable under Section 41 of the
Internal Revenue Code and | ||||||
21 | which are conducted in this State, "qualifying
expenditures for | ||||||
22 | increasing research activities in this State" means the
excess | ||||||
23 | of qualifying expenditures for the taxable year in which | ||||||
24 | incurred
over qualifying expenditures for the base period, | ||||||
25 | "qualifying expenditures
for the base period" means (i) for tax | ||||||
26 | years ending prior to December 31, 2017, the average of the |
| |||||||
| |||||||
1 | qualifying expenditures for
each year in the base period ; and | ||||||
2 | (ii) for tax years ending on or after December 31, 2017, 50% of | ||||||
3 | the average of the qualifying expenditures for each year in the | ||||||
4 | base period , and "base period" means the 3 taxable years
| ||||||
5 | immediately preceding the taxable year for which the | ||||||
6 | determination is
being made. | ||||||
7 | Any credit in excess of the tax liability for the taxable | ||||||
8 | year
may be carried forward. A taxpayer may elect to have the
| ||||||
9 | unused credit shown on its final completed return carried over | ||||||
10 | as a credit
against the tax liability for the following 5 | ||||||
11 | taxable years or until it has
been fully used, whichever occurs | ||||||
12 | first; provided that no credit earned in a tax year ending | ||||||
13 | prior to December 31, 2003 may be carried forward to any year | ||||||
14 | ending on or after December 31, 2003. | ||||||
15 | If an unused credit is carried forward to a given year from | ||||||
16 | 2 or more
earlier years, that credit arising in the earliest | ||||||
17 | year will be applied
first against the tax liability for the | ||||||
18 | given year. If a tax liability for
the given year still | ||||||
19 | remains, the credit from the next earliest year will
then be | ||||||
20 | applied, and so on, until all credits have been used or no tax
| ||||||
21 | liability for the given year remains. Any remaining unused | ||||||
22 | credit or
credits then will be carried forward to the next | ||||||
23 | following year in which a
tax liability is incurred, except | ||||||
24 | that no credit can be carried forward to
a year which is more | ||||||
25 | than 5 years after the year in which the expense for
which the | ||||||
26 | credit is given was incurred. |
| |||||||
| |||||||
1 | No inference shall be drawn from this amendatory Act of the | ||||||
2 | 91st General
Assembly in construing this Section for taxable | ||||||
3 | years beginning before January
1, 1999. | ||||||
4 | This subsection (k) is exempt from the provisions of | ||||||
5 | Section 250. | ||||||
6 | It is the intent of the General Assembly that the research | ||||||
7 | and development credit under this subsection (k) shall apply | ||||||
8 | continuously for all tax years ending on or after December 31, | ||||||
9 | 2004, including, but not limited to, the period beginning on | ||||||
10 | January 1, 2016 and ending on the effective date of this | ||||||
11 | amendatory Act of the 100th General Assembly. All actions taken | ||||||
12 | in reliance on the continuation of the credit under this | ||||||
13 | subsection (k) by any taxpayer are hereby validated. | ||||||
14 | (l) Environmental Remediation Tax Credit. | ||||||
15 | (i) For tax years ending after December 31, 1997 and on | ||||||
16 | or before
December 31, 2001, a taxpayer shall be allowed a | ||||||
17 | credit against the tax
imposed by subsections (a) and (b) | ||||||
18 | of this Section for certain amounts paid
for unreimbursed | ||||||
19 | eligible remediation costs, as specified in this | ||||||
20 | subsection.
For purposes of this Section, "unreimbursed | ||||||
21 | eligible remediation costs" means
costs approved by the | ||||||
22 | Illinois Environmental Protection Agency ("Agency") under
| ||||||
23 | Section 58.14 of the Environmental Protection Act that were | ||||||
24 | paid in performing
environmental remediation at a site for | ||||||
25 | which a No Further Remediation Letter
was issued by the | ||||||
26 | Agency and recorded under Section 58.10 of the |
| |||||||
| |||||||
1 | Environmental
Protection Act. The credit must be claimed | ||||||
2 | for the taxable year in which
Agency approval of the | ||||||
3 | eligible remediation costs is granted. The credit is
not | ||||||
4 | available to any taxpayer if the taxpayer or any related | ||||||
5 | party caused or
contributed to, in any material respect, a | ||||||
6 | release of regulated substances on,
in, or under the site | ||||||
7 | that was identified and addressed by the remedial
action | ||||||
8 | pursuant to the Site Remediation Program of the | ||||||
9 | Environmental Protection
Act. After the Pollution Control | ||||||
10 | Board rules are adopted pursuant to the
Illinois | ||||||
11 | Administrative Procedure Act for the administration and | ||||||
12 | enforcement of
Section 58.9 of the Environmental | ||||||
13 | Protection Act, determinations as to credit
availability | ||||||
14 | for purposes of this Section shall be made consistent with | ||||||
15 | those
rules. For purposes of this Section, "taxpayer" | ||||||
16 | includes a person whose tax
attributes the taxpayer has | ||||||
17 | succeeded to under Section 381 of the Internal
Revenue Code | ||||||
18 | and "related party" includes the persons disallowed a | ||||||
19 | deduction
for losses by paragraphs (b), (c), and (f)(1) of | ||||||
20 | Section 267 of the Internal
Revenue Code by virtue of being | ||||||
21 | a related taxpayer, as well as any of its
partners. The | ||||||
22 | credit allowed against the tax imposed by subsections (a) | ||||||
23 | and
(b) shall be equal to 25% of the unreimbursed eligible | ||||||
24 | remediation costs in
excess of $100,000 per site, except | ||||||
25 | that the $100,000 threshold shall not apply
to any site | ||||||
26 | contained in an enterprise zone as determined by the |
| |||||||
| |||||||
1 | Department of
Commerce and Community Affairs (now | ||||||
2 | Department of Commerce and Economic Opportunity). The | ||||||
3 | total credit allowed shall not exceed
$40,000 per year with | ||||||
4 | a maximum total of $150,000 per site. For partners and
| ||||||
5 | shareholders of subchapter S corporations, there shall be | ||||||
6 | allowed a credit
under this subsection to be determined in | ||||||
7 | accordance with the determination of
income and | ||||||
8 | distributive share of income under Sections 702 and 704 and
| ||||||
9 | subchapter S of the Internal Revenue Code. | ||||||
10 | (ii) A credit allowed under this subsection that is | ||||||
11 | unused in the year
the credit is earned may be carried | ||||||
12 | forward to each of the 5 taxable years
following the year | ||||||
13 | for which the credit is first earned until it is used.
The | ||||||
14 | term "unused credit" does not include any amounts of | ||||||
15 | unreimbursed eligible
remediation costs in excess of the | ||||||
16 | maximum credit per site authorized under
paragraph (i). | ||||||
17 | This credit shall be applied first to the earliest year
for | ||||||
18 | which there is a liability. If there is a credit under this | ||||||
19 | subsection
from more than one tax year that is available to | ||||||
20 | offset a liability, the
earliest credit arising under this | ||||||
21 | subsection shall be applied first. A
credit allowed under | ||||||
22 | this subsection may be sold to a buyer as part of a sale
of | ||||||
23 | all or part of the remediation site for which the credit | ||||||
24 | was granted. The
purchaser of a remediation site and the | ||||||
25 | tax credit shall succeed to the unused
credit and remaining | ||||||
26 | carry-forward period of the seller. To perfect the
|
| |||||||
| |||||||
1 | transfer, the assignor shall record the transfer in the | ||||||
2 | chain of title for the
site and provide written notice to | ||||||
3 | the Director of the Illinois Department of
Revenue of the | ||||||
4 | assignor's intent to sell the remediation site and the | ||||||
5 | amount of
the tax credit to be transferred as a portion of | ||||||
6 | the sale. In no event may a
credit be transferred to any | ||||||
7 | taxpayer if the taxpayer or a related party would
not be | ||||||
8 | eligible under the provisions of subsection (i). | ||||||
9 | (iii) For purposes of this Section, the term "site" | ||||||
10 | shall have the same
meaning as under Section 58.2 of the | ||||||
11 | Environmental Protection Act. | ||||||
12 | (m) Education expense credit. Beginning with tax years | ||||||
13 | ending after
December 31, 1999, a taxpayer who
is the custodian | ||||||
14 | of one or more qualifying pupils shall be allowed a credit
| ||||||
15 | against the tax imposed by subsections (a) and (b) of this | ||||||
16 | Section for
qualified education expenses incurred on behalf of | ||||||
17 | the qualifying pupils.
The credit shall be equal to 25% of | ||||||
18 | qualified education expenses, but in no
event may the total | ||||||
19 | credit under this subsection claimed by a
family that is the
| ||||||
20 | custodian of qualifying pupils exceed (i) $500 for tax years | ||||||
21 | ending prior to December 31, 2017, and (ii) $750 for tax years | ||||||
22 | ending on or after December 31, 2017 . In no event shall a | ||||||
23 | credit under
this subsection reduce the taxpayer's liability | ||||||
24 | under this Act to less than
zero. Notwithstanding any other | ||||||
25 | provision of law, for taxable years beginning on or after | ||||||
26 | January 1, 2018, no taxpayer may claim a credit under this |
| |||||||
| |||||||
1 | subsection (m) if the taxpayer's adjusted gross income for the | ||||||
2 | taxable year exceeds (i) $500,000, in the case of spouses | ||||||
3 | filing a joint federal tax return or (ii) $250,000, in the case | ||||||
4 | of all other taxpayers. This subsection is exempt from the | ||||||
5 | provisions of Section 250 of this
Act. | ||||||
6 | For purposes of this subsection: | ||||||
7 | "Qualifying pupils" means individuals who (i) are | ||||||
8 | residents of the State of
Illinois, (ii) are under the age of | ||||||
9 | 21 at the close of the school year for
which a credit is | ||||||
10 | sought, and (iii) during the school year for which a credit
is | ||||||
11 | sought were full-time pupils enrolled in a kindergarten through | ||||||
12 | twelfth
grade education program at any school, as defined in | ||||||
13 | this subsection. | ||||||
14 | "Qualified education expense" means the amount incurred
on | ||||||
15 | behalf of a qualifying pupil in excess of $250 for tuition, | ||||||
16 | book fees, and
lab fees at the school in which the pupil is | ||||||
17 | enrolled during the regular school
year. | ||||||
18 | "School" means any public or nonpublic elementary or | ||||||
19 | secondary school in
Illinois that is in compliance with Title | ||||||
20 | VI of the Civil Rights Act of 1964
and attendance at which | ||||||
21 | satisfies the requirements of Section 26-1 of the
School Code, | ||||||
22 | except that nothing shall be construed to require a child to
| ||||||
23 | attend any particular public or nonpublic school to qualify for | ||||||
24 | the credit
under this Section. | ||||||
25 | "Custodian" means, with respect to qualifying pupils, an | ||||||
26 | Illinois resident
who is a parent, the parents, a legal |
| |||||||
| |||||||
1 | guardian, or the legal guardians of the
qualifying pupils. | ||||||
2 | (n) River Edge Redevelopment Zone site remediation tax | ||||||
3 | credit.
| ||||||
4 | (i) For tax years ending on or after December 31, 2006, | ||||||
5 | a taxpayer shall be allowed a credit against the tax | ||||||
6 | imposed by subsections (a) and (b) of this Section for | ||||||
7 | certain amounts paid for unreimbursed eligible remediation | ||||||
8 | costs, as specified in this subsection. For purposes of | ||||||
9 | this Section, "unreimbursed eligible remediation costs" | ||||||
10 | means costs approved by the Illinois Environmental | ||||||
11 | Protection Agency ("Agency") under Section 58.14a of the | ||||||
12 | Environmental Protection Act that were paid in performing | ||||||
13 | environmental remediation at a site within a River Edge | ||||||
14 | Redevelopment Zone for which a No Further Remediation | ||||||
15 | Letter was issued by the Agency and recorded under Section | ||||||
16 | 58.10 of the Environmental Protection Act. The credit must | ||||||
17 | be claimed for the taxable year in which Agency approval of | ||||||
18 | the eligible remediation costs is granted. The credit is | ||||||
19 | not available to any taxpayer if the taxpayer or any | ||||||
20 | related party caused or contributed to, in any material | ||||||
21 | respect, a release of regulated substances on, in, or under | ||||||
22 | the site that was identified and addressed by the remedial | ||||||
23 | action pursuant to the Site Remediation Program of the | ||||||
24 | Environmental Protection Act. Determinations as to credit | ||||||
25 | availability for purposes of this Section shall be made | ||||||
26 | consistent with rules adopted by the Pollution Control |
| |||||||
| |||||||
1 | Board pursuant to the Illinois Administrative Procedure | ||||||
2 | Act for the administration and enforcement of Section 58.9 | ||||||
3 | of the Environmental Protection Act. For purposes of this | ||||||
4 | Section, "taxpayer" includes a person whose tax attributes | ||||||
5 | the taxpayer has succeeded to under Section 381 of the | ||||||
6 | Internal Revenue Code and "related party" includes the | ||||||
7 | persons disallowed a deduction for losses by paragraphs | ||||||
8 | (b), (c), and (f)(1) of Section 267 of the Internal Revenue | ||||||
9 | Code by virtue of being a related taxpayer, as well as any | ||||||
10 | of its partners. The credit allowed against the tax imposed | ||||||
11 | by subsections (a) and (b) shall be equal to 25% of the | ||||||
12 | unreimbursed eligible remediation costs in excess of | ||||||
13 | $100,000 per site. | ||||||
14 | (ii) A credit allowed under this subsection that is | ||||||
15 | unused in the year the credit is earned may be carried | ||||||
16 | forward to each of the 5 taxable years following the year | ||||||
17 | for which the credit is first earned until it is used. This | ||||||
18 | credit shall be applied first to the earliest year for | ||||||
19 | which there is a liability. If there is a credit under this | ||||||
20 | subsection from more than one tax year that is available to | ||||||
21 | offset a liability, the earliest credit arising under this | ||||||
22 | subsection shall be applied first. A credit allowed under | ||||||
23 | this subsection may be sold to a buyer as part of a sale of | ||||||
24 | all or part of the remediation site for which the credit | ||||||
25 | was granted. The purchaser of a remediation site and the | ||||||
26 | tax credit shall succeed to the unused credit and remaining |
| |||||||
| |||||||
1 | carry-forward period of the seller. To perfect the | ||||||
2 | transfer, the assignor shall record the transfer in the | ||||||
3 | chain of title for the site and provide written notice to | ||||||
4 | the Director of the Illinois Department of Revenue of the | ||||||
5 | assignor's intent to sell the remediation site and the | ||||||
6 | amount of the tax credit to be transferred as a portion of | ||||||
7 | the sale. In no event may a credit be transferred to any | ||||||
8 | taxpayer if the taxpayer or a related party would not be | ||||||
9 | eligible under the provisions of subsection (i). | ||||||
10 | (iii) For purposes of this Section, the term "site" | ||||||
11 | shall have the same meaning as under Section 58.2 of the | ||||||
12 | Environmental Protection Act. | ||||||
13 | (o) For each of taxable years during the Compassionate Use | ||||||
14 | of Medical Cannabis Pilot Program, a surcharge is imposed on | ||||||
15 | all taxpayers on income arising from the sale or exchange of | ||||||
16 | capital assets, depreciable business property, real property | ||||||
17 | used in the trade or business, and Section 197 intangibles of | ||||||
18 | an organization registrant under the Compassionate Use of | ||||||
19 | Medical Cannabis Pilot Program Act. The amount of the surcharge | ||||||
20 | is equal to the amount of federal income tax liability for the | ||||||
21 | taxable year attributable to those sales and exchanges. The | ||||||
22 | surcharge imposed does not apply if: | ||||||
23 | (1) the medical cannabis cultivation center | ||||||
24 | registration, medical cannabis dispensary registration, or | ||||||
25 | the property of a registration is transferred as a result | ||||||
26 | of any of the following: |
| |||||||
| |||||||
1 | (A) bankruptcy, a receivership, or a debt | ||||||
2 | adjustment initiated by or against the initial | ||||||
3 | registration or the substantial owners of the initial | ||||||
4 | registration; | ||||||
5 | (B) cancellation, revocation, or termination of | ||||||
6 | any registration by the Illinois Department of Public | ||||||
7 | Health; | ||||||
8 | (C) a determination by the Illinois Department of | ||||||
9 | Public Health that transfer of the registration is in | ||||||
10 | the best interests of Illinois qualifying patients as | ||||||
11 | defined by the Compassionate Use of Medical Cannabis | ||||||
12 | Pilot Program Act; | ||||||
13 | (D) the death of an owner of the equity interest in | ||||||
14 | a registrant; | ||||||
15 | (E) the acquisition of a controlling interest in | ||||||
16 | the stock or substantially all of the assets of a | ||||||
17 | publicly traded company; | ||||||
18 | (F) a transfer by a parent company to a wholly | ||||||
19 | owned subsidiary; or | ||||||
20 | (G) the transfer or sale to or by one person to | ||||||
21 | another person where both persons were initial owners | ||||||
22 | of the registration when the registration was issued; | ||||||
23 | or | ||||||
24 | (2) the cannabis cultivation center registration, | ||||||
25 | medical cannabis dispensary registration, or the | ||||||
26 | controlling interest in a registrant's property is |
| |||||||
| |||||||
1 | transferred in a transaction to lineal descendants in which | ||||||
2 | no gain or loss is recognized or as a result of a | ||||||
3 | transaction in accordance with Section 351 of the Internal | ||||||
4 | Revenue Code in which no gain or loss is recognized. | ||||||
5 | (Source: P.A. 97-2, eff. 5-6-11; 97-636, eff. 6-1-12; 97-905, | ||||||
6 | eff. 8-7-12; 98-109, eff. 7-25-13; 98-122, eff. 1-1-14; 98-756, | ||||||
7 | eff. 7-16-14.)
| ||||||
8 | (35 ILCS 5/222) | ||||||
9 | Sec. 222. Live theater production credit. | ||||||
10 | (a) For tax years beginning on or after January 1, 2012 and | ||||||
11 | beginning prior to January 1, 2027 , a taxpayer who has received | ||||||
12 | a tax credit award under the Live Theater Production Tax Credit | ||||||
13 | Act is entitled to a credit against the taxes imposed under | ||||||
14 | subsections (a) and (b) of Section 201 of this Act in an amount | ||||||
15 | determined under that Act by the Department of Commerce and | ||||||
16 | Economic Opportunity. | ||||||
17 | (b) If the taxpayer is a partnership, limited liability | ||||||
18 | partnership, limited liability company, or Subchapter S | ||||||
19 | corporation, the tax credit award is allowed to the partners, | ||||||
20 | unit holders, or shareholders in accordance with the | ||||||
21 | determination of income and distributive share of income under | ||||||
22 | Sections 702 and 704 and Subchapter S of the Internal Revenue | ||||||
23 | Code. | ||||||
24 | (c) A sale, assignment, or transfer of the tax credit award | ||||||
25 | may be made by the taxpayer earning the credit within one year |
| |||||||
| |||||||
1 | after the credit is awarded in accordance with rules adopted by | ||||||
2 | the Department of Commerce and Economic Opportunity. | ||||||
3 | (d) The Department of Revenue, in cooperation with the | ||||||
4 | Department of Commerce and Economic Opportunity, shall adopt | ||||||
5 | rules to enforce and administer the provisions of this Section. | ||||||
6 | (e) The tax credit award may not be carried back. If the | ||||||
7 | amount of the credit exceeds the tax liability for the year, | ||||||
8 | the excess may be carried forward and applied to the tax | ||||||
9 | liability of the 5 tax years following the excess credit year. | ||||||
10 | The tax credit award shall be applied to the earliest year for | ||||||
11 | which there is a tax liability. If there are credits from more | ||||||
12 | than one tax year that are available to offset liability, the | ||||||
13 | earlier credit shall be applied first. In no event may a credit | ||||||
14 | under this Section reduce the taxpayer's liability to less than | ||||||
15 | zero.
| ||||||
16 | (Source: P.A. 97-636, eff. 6-1-12 .)
| ||||||
17 | (35 ILCS 5/225 new) | ||||||
18 | Sec. 225. Credit for instructional materials and supplies. | ||||||
19 | For taxable years beginning on and after January 1, 2017, a | ||||||
20 | taxpayer shall be allowed a credit in the amount paid by the | ||||||
21 | taxpayer during the taxable year for instructional materials | ||||||
22 | and supplies with respect to classroom based instruction in a | ||||||
23 | qualified school, or $250, whichever is less, provided that the | ||||||
24 | taxpayer is a teacher, instructor, counselor, principal, or | ||||||
25 | aide in a qualified school for at least 900 hours during a |
| |||||||
| |||||||
1 | school year. | ||||||
2 | The credit may not be carried back and may not reduce the | ||||||
3 | taxpayer's liability to less than zero. If the amount of the | ||||||
4 | credit exceeds the tax liability for the year, the excess may | ||||||
5 | be carried forward and applied to the tax liability of the 5 | ||||||
6 | taxable years following the excess credit year. The tax credit | ||||||
7 | shall be applied to the earliest year for which there is a tax | ||||||
8 | liability. If there are credits for more than one year that are | ||||||
9 | available to offset a liability, the earlier credit shall be | ||||||
10 | applied first. | ||||||
11 | For purposes of this Section, the term "materials and | ||||||
12 | supplies" means amounts paid for instructional materials or | ||||||
13 | supplies that are designated for classroom use in any qualified | ||||||
14 | school. For purposes of this Section, the term "qualified | ||||||
15 | school" means a public school or non-public school located in | ||||||
16 | Illinois. | ||||||
17 | This Section is exempt from the provisions of Section 250.
| ||||||
18 | Section 10. The Film
Production Services Tax Credit Act of | ||||||
19 | 2008 is amended by changing Section 42 as follows:
| ||||||
20 | (35 ILCS 16/42) | ||||||
21 | Sec. 42. Sunset of credits. The application of credits | ||||||
22 | awarded pursuant to this Act shall be limited by a reasonable | ||||||
23 | and appropriate sunset date. A taxpayer shall not be entitled | ||||||
24 | to take a credit awarded pursuant to this Act for tax years |
| |||||||
| |||||||
1 | beginning on or after January 1, 2027 10 years after the | ||||||
2 | effective date of this amendatory Act of the 97th General | ||||||
3 | Assembly. After the initial 10-year sunset, the General | ||||||
4 | Assembly may extend the sunset date by 5-year intervals .
| ||||||
5 | (Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
| ||||||
6 | Section 15. The Illinois False Claims Act is amended by | ||||||
7 | changing Section 3 as follows:
| ||||||
8 | (740 ILCS 175/3) (from Ch. 127, par. 4103)
| ||||||
9 | Sec. 3. False claims.
| ||||||
10 | (a) Liability for certain acts. | ||||||
11 | (1) In general, any person who:
| ||||||
12 | (A) knowingly presents, or causes to be presented, | ||||||
13 | a false or fraudulent claim
for payment or approval;
| ||||||
14 | (B) knowingly makes, uses, or causes to be made or | ||||||
15 | used, a false record
or statement material to a false | ||||||
16 | or fraudulent claim;
| ||||||
17 | (C) conspires to commit a violation of | ||||||
18 | subparagraph (A), (B), (D), (E), (F), or (G);
| ||||||
19 | (D) has possession, custody, or control of | ||||||
20 | property or money used, or to
be used, by the State and | ||||||
21 | knowingly delivers, or causes to be delivered, less | ||||||
22 | than all the money or property;
| ||||||
23 | (E) is authorized to make or deliver a document | ||||||
24 | certifying receipt of
property used, or to be used, by |
| |||||||
| |||||||
1 | the State and, intending to defraud the
State, makes or | ||||||
2 | delivers the receipt without completely knowing that | ||||||
3 | the
information on the receipt is true;
| ||||||
4 |
(F) knowingly buys, or receives as a pledge of an | ||||||
5 | obligation or debt,
public property from an officer or | ||||||
6 | employee of the State, or a member of
the Guard, who | ||||||
7 | lawfully may not sell or pledge property; or
| ||||||
8 | (G) knowingly makes, uses, or causes to be made or | ||||||
9 | used, a false record
or statement material to an | ||||||
10 | obligation to pay or transmit
money or property to the | ||||||
11 | State, or knowingly conceals or knowingly and | ||||||
12 | improperly avoids or decreases an obligation to pay or | ||||||
13 | transmit money or property to the State,
| ||||||
14 | is liable to the State for a civil penalty of not less than | ||||||
15 | $5,500 and not
more than $11,000, plus 3 times the amount | ||||||
16 | of damages which the State
sustains because of the act of | ||||||
17 | that person. The penalties in this Section are intended to | ||||||
18 | be remedial rather than punitive, and shall not preclude, | ||||||
19 | nor be precluded by, a criminal prosecution for the same | ||||||
20 | conduct. | ||||||
21 | (2) A person violating
this subsection shall also be | ||||||
22 | liable to the State for the costs of a civil
action brought | ||||||
23 | to recover any such penalty or damages.
| ||||||
24 | (b) Definitions. For purposes of this Section: | ||||||
25 | (1) The terms
"knowing" and "knowingly": | ||||||
26 | (A) mean that a person, with respect to |
| |||||||
| |||||||
1 | information:
| ||||||
2 | (i) has actual knowledge of the information;
| ||||||
3 | (ii) acts in deliberate ignorance of the truth | ||||||
4 | or falsity of the
information; or
| ||||||
5 | (iii) acts in reckless disregard of the truth | ||||||
6 | or falsity of the
information, and | ||||||
7 | (B) require no proof of specific intent to defraud.
| ||||||
8 | (2) The term "claim": | ||||||
9 | (A) means any
request or demand, whether under a | ||||||
10 | contract or otherwise, for money or
property and | ||||||
11 | whether or not the State has title to the money or | ||||||
12 | property, that | ||||||
13 | (i) is presented to an officer, employee, or | ||||||
14 | agent of the State; or | ||||||
15 | (ii) is made to a contractor, grantee, or other | ||||||
16 | recipient, if the money or property is to be spent | ||||||
17 | or used on the State's behalf or to advance a State | ||||||
18 | program or interest, and if the
State: | ||||||
19 | (I) provides or has provided any portion | ||||||
20 | of the money or property requested or
demanded; | ||||||
21 | or | ||||||
22 | (II) will reimburse such contractor, | ||||||
23 | grantee, or other
recipient for any portion of | ||||||
24 | the money or property which is requested
or | ||||||
25 | demanded; and | ||||||
26 | (B) does not include requests or demands for money |
| |||||||
| |||||||
1 | or property that the State has paid to an individual as | ||||||
2 | compensation for State employment or as an income | ||||||
3 | subsidy with no restrictions on that individual's use | ||||||
4 | of the money or property.
| ||||||
5 | (3) The term "obligation" means an established duty, | ||||||
6 | whether or not fixed, arising from an express or implied | ||||||
7 | contractual, grantor-grantee, or licensor-licensee | ||||||
8 | relationship, from a fee-based or similar relationship, | ||||||
9 | from statute or regulation, or from the retention of any | ||||||
10 | overpayment. | ||||||
11 | (4) The term "material" means having a natural tendency | ||||||
12 | to influence, or be capable of influencing, the payment or | ||||||
13 | receipt of money or property. | ||||||
14 | (c) Exclusion. This Section does not apply to any taxes | ||||||
15 | imposed, collected, or administered by the State of Illinois | ||||||
16 | claims, records, or
statements made under the Illinois Income | ||||||
17 | Tax Act .
| ||||||
18 | (Source: P.A. 95-128, eff. 1-1-08; 96-1304, eff. 7-27-10 .)
| ||||||
19 | Section 20. The Limited Liability Company Act is amended by | ||||||
20 | changing Section 50-10 as follows:
| ||||||
21 | (805 ILCS 180/50-10)
| ||||||
22 | (Text of Section before amendment by P.A. 99-637 )
| ||||||
23 | Sec. 50-10. Fees.
| ||||||
24 | (a) The Secretary of State shall charge and collect in
|
| |||||||
| |||||||
1 | accordance with the provisions of this Act and rules
| ||||||
2 | promulgated under its authority all of the following:
| ||||||
3 | (1) Fees for filing documents.
| ||||||
4 | (2) Miscellaneous charges.
| ||||||
5 | (3) Fees for the sale of lists of filings and for | ||||||
6 | copies
of any documents.
| ||||||
7 | (b) The Secretary of State shall charge and collect for
all | ||||||
8 | of the following:
| ||||||
9 | (1) Filing articles of organization (domestic), | ||||||
10 | application for
admission (foreign), and restated articles | ||||||
11 | of
organization (domestic), $39 $500 . Notwithstanding the | ||||||
12 | foregoing, the fee for filing articles of organization | ||||||
13 | (domestic), application for admission (foreign), and | ||||||
14 | restated articles of organization (domestic) in connection | ||||||
15 | with a limited liability company with ability to establish | ||||||
16 | series pursuant to Section 37-40 of this Act is $59 $750 .
| ||||||
17 | (2) Filing articles of amendment or an amended | ||||||
18 | application for admission, $150.
| ||||||
19 | (3) Filing articles of dissolution or
application
for | ||||||
20 | withdrawal, $100.
| ||||||
21 | (4) Filing an application to reserve a name, $300.
| ||||||
22 | (5) Filing a notice of cancellation of a reserved name, | ||||||
23 | $100.
| ||||||
24 | (6) Filing a notice of a transfer of a reserved
name, | ||||||
25 | $100.
| ||||||
26 | (7) Registration of a name, $300.
|
| |||||||
| |||||||
1 | (8) Renewal of registration of a name, $100.
| ||||||
2 | (9) Filing an application for use of an assumed
name | ||||||
3 | under Section 1-20 of this Act, $150 for each
year or part | ||||||
4 | thereof ending in 0 or 5, $120 for each year or
part | ||||||
5 | thereof ending in 1 or 6, $90 for each year or part thereof | ||||||
6 | ending in 2 or
7, $60 for each year or part thereof ending | ||||||
7 | in 3 or 8, $30 for each year or
part thereof ending in 4 or | ||||||
8 | 9, and a renewal for each assumed name, $150.
| ||||||
9 | (10) Filing an application for change or cancellation | ||||||
10 | of an assumed
name, $100.
| ||||||
11 | (11) Filing an annual report of a limited liability
| ||||||
12 | company or foreign limited liability company, $250, if
| ||||||
13 | filed as required by this Act, plus a penalty if
| ||||||
14 | delinquent. Notwithstanding the foregoing, the fee for | ||||||
15 | filing an annual report of a limited liability company or | ||||||
16 | foreign limited liability company with ability to | ||||||
17 | establish series is $250 plus $50 for each series for which | ||||||
18 | a certificate of designation has been filed pursuant to | ||||||
19 | Section 37-40 of this Act and active on the last day of the | ||||||
20 | third month preceding the company's anniversary month, | ||||||
21 | plus a penalty if delinquent.
| ||||||
22 | (12) Filing an application for reinstatement of a
| ||||||
23 | limited liability company or foreign limited liability
| ||||||
24 | company
$500.
| ||||||
25 | (13) Filing Articles of Merger, $100 plus $50 for each | ||||||
26 | party to the
merger in excess of the first 2 parties.
|
| |||||||
| |||||||
1 | (14) Filing an Agreement of Conversion or Statement of | ||||||
2 | Conversion, $100.
| ||||||
3 | (15) Filing a statement of change of address of | ||||||
4 | registered office or change of registered agent, or both, | ||||||
5 | or filing a statement of correction, $25.
| ||||||
6 | (16) Filing a petition for refund, $15.
| ||||||
7 | (17) Filing any other document, $100.
| ||||||
8 | (18) Filing a certificate of designation of a limited | ||||||
9 | liability company with the ability to establish series | ||||||
10 | pursuant to Section 37-40 of this Act, $50.
| ||||||
11 | (c) The Secretary of State shall charge and collect all
of | ||||||
12 | the following:
| ||||||
13 | (1) For furnishing a copy or certified copy of any
| ||||||
14 | document, instrument, or paper relating to a limited
| ||||||
15 | liability company or foreign limited liability company,
or | ||||||
16 | for a certificate, $25.
| ||||||
17 | (2) For the transfer of information by computer
process | ||||||
18 | media to any purchaser, fees established by
rule.
| ||||||
19 | (Source: P.A. 97-839, eff. 7-20-12.)
| ||||||
20 | (Text of Section after amendment by P.A. 99-637 )
| ||||||
21 | Sec. 50-10. Fees.
| ||||||
22 | (a) The Secretary of State shall charge and collect in
| ||||||
23 | accordance with the provisions of this Act and rules
| ||||||
24 | promulgated under its authority all of the following:
| ||||||
25 | (1) Fees for filing documents.
|
| |||||||
| |||||||
1 | (2) Miscellaneous charges.
| ||||||
2 | (3) Fees for the sale of lists of filings and for | ||||||
3 | copies
of any documents.
| ||||||
4 | (b) The Secretary of State shall charge and collect for
all | ||||||
5 | of the following:
| ||||||
6 | (1) Filing articles of organization (domestic), | ||||||
7 | application for
admission (foreign), and restated articles | ||||||
8 | of
organization (domestic), $39 $500 . Notwithstanding the | ||||||
9 | foregoing, the fee for filing articles of organization | ||||||
10 | (domestic), application for admission (foreign), and | ||||||
11 | restated articles of organization (domestic) in connection | ||||||
12 | with a limited liability company with a series or the | ||||||
13 | ability to establish a series pursuant to Section 37-40 of | ||||||
14 | this Act is $59 $750 .
| ||||||
15 | (2) Filing amendments (domestic or foreign), $150.
| ||||||
16 | (3) Filing a statement of termination or
application
| ||||||
17 | for withdrawal, $25.
| ||||||
18 | (4) Filing an application to reserve a name, $300.
| ||||||
19 | (5) Filing a notice of cancellation of a reserved name, | ||||||
20 | $100.
| ||||||
21 | (6) Filing a notice of a transfer of a reserved
name, | ||||||
22 | $100.
| ||||||
23 | (7) Registration of a name, $300.
| ||||||
24 | (8) Renewal of registration of a name, $100.
| ||||||
25 | (9) Filing an application for use of an assumed
name | ||||||
26 | under Section 1-20 of this Act, $150 for each
year or part |
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| |||||||
1 | thereof ending in 0 or 5, $120 for each year or
part | ||||||
2 | thereof ending in 1 or 6, $90 for each year or part thereof | ||||||
3 | ending in 2 or
7, $60 for each year or part thereof ending | ||||||
4 | in 3 or 8, $30 for each year or
part thereof ending in 4 or | ||||||
5 | 9, and a renewal for each assumed name, $150.
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6 | (10) Filing an application for change or cancellation | ||||||
7 | of an assumed
name, $100.
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8 | (11) Filing an annual report of a limited liability
| ||||||
9 | company or foreign limited liability company, $250, if
| ||||||
10 | filed as required by this Act, plus a penalty if
| ||||||
11 | delinquent. Notwithstanding the foregoing, the fee for | ||||||
12 | filing an annual report of a limited liability company or | ||||||
13 | foreign limited liability company is $250 plus $50 for each | ||||||
14 | series for which a certificate of designation has been | ||||||
15 | filed pursuant to Section 37-40 of this Act and is in | ||||||
16 | effect on the last day of the third month preceding the | ||||||
17 | company's anniversary month, plus a penalty if delinquent.
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18 | (12) Filing an application for reinstatement of a
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19 | limited liability company or foreign limited liability
| ||||||
20 | company
$500.
| ||||||
21 | (13) Filing articles of merger, $100 plus $50 for each | ||||||
22 | party to the
merger in excess of the first 2 parties.
| ||||||
23 | (14) Filing articles of conversion, $100.
| ||||||
24 | (15) Filing a statement of change of address of | ||||||
25 | registered office or change of registered agent, or both, | ||||||
26 | or filing a statement of correction, $25.
|
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1 | (16) Filing a petition for refund, $15.
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2 | (17) Filing a certificate of designation of a limited | ||||||
3 | liability company with a series pursuant to Section 37-40 | ||||||
4 | of this Act, $50. | ||||||
5 | (18) Filing articles of domestication, $100. | ||||||
6 | (19) Filing, amending, or cancelling a statement of | ||||||
7 | authority, $50. | ||||||
8 | (20) Filing, amending, or cancelling a statement of | ||||||
9 | denial, $10. | ||||||
10 | (21) Filing any other document, $100.
| ||||||
11 | (c) The Secretary of State shall charge and collect all
of | ||||||
12 | the following:
| ||||||
13 | (1) For furnishing a copy or certified copy of any
| ||||||
14 | document, instrument, or paper relating to a limited
| ||||||
15 | liability company or foreign limited liability company,
or | ||||||
16 | for a certificate, $25.
| ||||||
17 | (2) For the transfer of information by computer
process | ||||||
18 | media to any purchaser, fees established by
rule.
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19 | (Source: P.A. 99-637, eff. 7-1-17.)
| ||||||
20 | Section 95. No acceleration or delay. Where this Act makes | ||||||
21 | changes in a statute that is represented in this Act by text | ||||||
22 | that is not yet or no longer in effect (for example, a Section | ||||||
23 | represented by multiple versions), the use of that text does | ||||||
24 | not accelerate or delay the taking effect of (i) the changes | ||||||
25 | made by this Act or (ii) provisions derived from any other |
| |||||||
| |||||||
1 | Public Act.
| ||||||
2 | Section 99. Effective date. This Act takes effect upon | ||||||
3 | becoming law.".
|