IL HB4071 | 2015-2016 | 99th General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 27 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]
Status: Introduced on February 27 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]
Summary
Amends the Illinois Income Tax Act. Creates a credit for each small business taxpayer in an amount equal to 50%, but in no event to exceed $100,000, of the amount paid by the small business taxpayer during the taxable year to an insolvent debtor or a trustee as a result of a recapture under Section 547(b) of the federal Bankruptcy Code. Provides that the term "small business taxpayer" means a business employing no more than 200 employees. Effective immediately.
Title
INC TX-BANKRUPTCY RECAPTURE
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2015-03-27 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2015-03-20 | House | To Income Tax Subcommittee |
| 2015-03-16 | House | Assigned to Revenue & Finance Committee |
| 2015-02-27 | House | Referred to Rules Committee |
| 2015-02-27 | House | First Reading |
| 2015-02-27 | House | Filed with the Clerk by Rep. Katherine Cloonen |
Code Citations
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4071&GAID=13&DocTypeID=HB&SessionID=88&GA=99 |
| Text | https://www.ilga.gov/legislation/99/HB/09900HB4071.htm |
