IL HB5002 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 2-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $45,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.
Title
INC TX-INVESTMENT CREDIT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2019-01-08 | House | Session Sine Die |
2018-03-07 | House | Added Chief Co-Sponsor Rep. Patricia R. Bellock |
2018-02-14 | House | Referred to Rules Committee |
2018-02-14 | House | First Reading |
2018-02-14 | House | Filed with the Clerk by Rep. Keith R. Wheeler |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 5 | 227 | New Code | See Bill Text |
35 | 735 | 3-3 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5002&GAID=14&DocTypeID=HB&SessionID=91&GA=100 |
Text | https://www.ilga.gov/legislation/100/HB/10000HB5002.htm |