Illinois House Bill 343 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 28 2015 - 25% progression, died in committee
Action: 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an applicant who has been awarded a Credit under the Act may, in the applicant's sole discretion, opt to retain taxes withheld under the Illinois Income Tax Act in lieu of an income tax credit. Provides that the amount of withheld taxes retained by the applicant in a taxable year may not exceed the amount of the Credit awarded by the Department of Commerce and Economic Opportunity for that taxable year. Provides that each employee whose taxes were withheld by an employer who retains amounts under this subsection must receive credit for 100% of the taxes withheld from his or her pay. Requires the Department to report annually to the Governor and the General Assembly on the progress of the incentive payment program. Amends the Illinois Income Tax Act to make corresponding changes concerning tax withholding. Effective immediately.

EDGE-INCENTIVE PAYMENTS

Rep. David Reis [R]

Rep. Dwight Kay [R]

Date	Chamber	Action
2015-03-27	House	Rule 19(a) / Re-referred to Rules Committee
2015-02-20	House	To Income Tax Subcommittee
2015-02-13	House	Assigned to Revenue & Finance Committee
2015-02-06	House	Added Chief Co-Sponsor Rep. Dwight Kay
2015-01-28	House	Referred to Rules Committee
2015-01-28	House	First Reading
2015-01-28	House	Filed with the Clerk by Rep. David B. Reis

Chapter	Article	Section	Citation Type	Statute Text
35	10	5-16	New Code	See Bill Text
35	5	704	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=343&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB0343.htm