IL SB3457 | 2021-2022 | 102nd General Assembly
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 18 2022 - 25% progression, died in committee
Action: 2022-02-16 - Added as Co-Sponsor Sen. Chapin Rose
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 18 2022 - 25% progression, died in committee
Action: 2022-02-16 - Added as Co-Sponsor Sen. Chapin Rose
Pending: Senate Assignments 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.
Title
INC TX-INVESTMENT CREDIT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2022-02-16 | Senate | Added as Co-Sponsor Sen. Chapin Rose |
2022-01-18 | Senate | Referred to Assignments |
2022-01-18 | Senate | First Reading |
2022-01-18 | Senate | Filed with Secretary by Sen. Brian W. Stewart |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 5 | 232 | 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=3457&GAID=16&DocTypeID=SB&SessionID=110&GA=102 |
Text | https://www.ilga.gov/legislation/102/SB/10200SB3457.htm |