IL SB3300 | 2013-2014 | 98th General Assembly
Status
Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Bipartisan Bill
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
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.
Title
INC TX-PRODUCTION CREDIT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2015-01-13 | Senate | Session Sine Die |
2014-03-28 | Senate | Rule 3-9(a) / Re-referred to Assignments |
2014-03-21 | Senate | To Subcommittee on Tax Credits |
2014-03-10 | Senate | Added as Chief Co-Sponsor Sen. Don Harmon |
2014-02-25 | Senate | Assigned to Revenue |
2014-02-14 | Senate | Referred to Assignments |
2014-02-14 | Senate | First Reading |
2014-02-14 | Senate | Filed with Secretary by Sen. Dave Syverson |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3300&GAID=12&DocTypeID=SB&SessionID=85&GA=98 |
Text | https://www.ilga.gov/legislation/98/SB/09800SB3300.htm |