IL HB5295 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 15 2018 - 25% progression
Action: 2018-02-16 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that the research and development applies on a permanent basis. Provides that the credit may be carried forward for a period of 20 years (instead of 5 years). Makes changes concerning the calculation of the credit. Reinstates the training expense credit. Provides that the credit shall be 2.5% of such training expenses. Creates an apprenticeship income tax credit. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that the manufacturing and assembling machinery and equipment exemption includes production related tangible personal property. Provides that the exemption for coal and aggregate exploration, mining, off-highway hauling, processing, maintenance, and reclamation equipment applies on a permanent basis. Effective immediately.

Tracking Information

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Title

REVENUE-VARIOUS

Sponsors


History

DateChamberAction
2018-02-16HouseReferred to Rules Committee
2018-02-16HouseFirst Reading
2018-02-15HouseFiled with the Clerk by Rep. Keith R. Wheeler

Code Citations

ChapterArticleSectionCitation TypeStatute Text
351053-5Amended CodeCitation Text
351053-50Amended CodeCitation Text
351053-85Amended CodeCitation Text
351102Amended CodeCitation Text
351103-5Amended CodeCitation Text
351103-70Amended CodeCitation Text
351152Amended CodeCitation Text
351153-5Amended CodeCitation Text
351159Amended CodeCitation Text
351202-45Amended CodeCitation Text
351202-5Amended CodeCitation Text
351203Amended CodeCitation Text
355201Amended CodeCitation Text
355227New CodeSee Bill Text

Illinois State Sources


Bill Comments

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