Illinois House Bill 5413 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on December 3 2014 - 100% progression
Action: 2014-12-03 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2015 and prior to December 31, 2016, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2016, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately.

INC TX-PRODUCTION CREDIT

Rep. Dennis Reboletti [R]

Sen. Laura Fine [D]

Date	Chamber	Action
2014-12-03	House	Session Sine Die
2014-04-01	House	Added Co-Sponsor Rep. Laura Fine
2014-03-28	House	Rule 19(a) / Re-referred to Rules Committee
2014-03-13	House	Assigned to Revenue & Finance Committee
2014-02-11	House	Referred to Rules Committee
2014-02-11	House	First Reading
2014-02-11	House	Filed with the Clerk by Rep. Dennis M. Reboletti

Chapter	Article	Section	Citation Type	Statute Text
35	5	224	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5413&GAID=12&DocTypeID=HB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/HB/09800HB5413.htm