IL HB5002 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on February 14 2018 - 25% progression
Action: 2018-03-07 - Added Chief Co-Sponsor Rep. Patricia R. Bellock
Pending: House Rules Committee
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.

Tracking Information

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Title

INC TX-INVESTMENT CREDIT

Sponsors


History

DateChamberAction
2018-03-07HouseAdded Chief Co-Sponsor Rep. Patricia R. Bellock
2018-02-14HouseReferred to Rules Committee
2018-02-14HouseFirst Reading
2018-02-14HouseFiled with the Clerk by Rep. Keith R. Wheeler

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355227New CodeSee Bill Text
357353-3Amended CodeCitation Text

Illinois State Sources


Bill Comments

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