Bill Text: IL HB0485 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that no corporate entity may claim an income tax credit, deduction, or exemption that is created by an Act of the General Assembly that first takes effect on or after the effective date of this amendatory Act of the 99th General Assembly. Provides that no credit, deduction, or exemption that is available to corporate entities on the effective date of this amendatory Act of the 99th General Assembly may be expanded by an Act of the General Assembly or by a rule adopted by a State agency. These changes are repealed on January 11, 2017. Creates a Corporate Tax Incentive Accountability Commission. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0485 Detail]

Download: Illinois-2015-HB0485-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB0485 Introduced , by Rep. Kelly M. Cassidy SYNOPSIS AS INTRODUCED:
35 ILCS 5/255 new
35 ILCS 5/260 new
Amends the Illinois Income Tax Act. Provides that no corporate entity may claim an income tax credit, deduction, or exemption that is created by an Act of the General Assembly that first takes effect on or after the effective date of this amendatory Act of the 99th General Assembly. Provides that no credit, deduction, or exemption that is available to corporate entities on the effective date of this amendatory Act of the 99th General Assembly may be expanded by an Act of the General Assembly or by a rule adopted by a State agency. These changes are repealed on January 11, 2017. Creates a Corporate Tax Incentive Accountability Commission. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Sections 255 and 260 as follows:
(35 ILCS 5/255 new)
Sec. 255. Moratorium on new credits, deductions, and
exemptions; expansion of credits. Notwithstanding any other
provision of law, no corporate entity may claim a credit,
deduction, or exemption against the tax imposed under
subsections (a) and (b) of Section 201 if that credit,
deduction, or exemption is created by an Act of the General
Assembly that first takes effect on or after the effective date
of this amendatory Act of the 99th General Assembly. In
addition, on and after the effective date of this amendatory
Act of the 99th General Assembly, no credit, deduction, or
exemption against the tax imposed under subsections (a) and (b)
of Section 201 that is available to corporate entities on the
effective date of this amendatory Act of the 99th General
Assembly may be expanded by an Act of the General Assembly or
by a rule adopted by a State agency.
For the purposes of this Section, "corporate entity" means
a corporation, partnership, or limited liability company.

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"State agency" means any department, office, commission,
board, or agency of the executive branch, including, but not
limited to, the Department of Revenue and the Department of
Commerce and Economic Opportunity.
This Section is repealed on January 11, 2017.
(35 ILCS 5/260 new)
Sec. 260. Corporate Tax Incentive Accountability
Commission.
There is created the Corporate Tax Incentive
Accountability Commission, composed of 15 members appointed as
follows: 3 members appointed by the Speaker of the House of
Representatives; 3 members appointed by the Minority Leader of
the House of Representatives; 3 members appointed by the
President of the Senate; 3 members appointed by the Minority
Leader of the Senate; and 3 members appointed by the Governor,
one of whom shall serve as chairperson of the Commission for an
initial term of one year. Thereafter, members shall elect from
their number a chairperson to serve a term of one year.
Appointments to the Commission shall include representatives
of small businesses and community foundations, as well as
academic experts in fiscal analysis, economic development,
performance management, strategic planning, performance
assessment, or other closely related fields. The members of the
Commission shall serve without compensation, but may be
reimbursed for their actual expenses from funds appropriated

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for that purpose.
The Corporate Tax Incentive Accountability Commission
shall study the effectiveness of corporate tax breaks and other
tax incentives provided to businesses, including, but not
limited to, their impact on job creation and job retention. The
Commission shall review and quantify the number and quality of
the jobs created and retained, including, but not limited to,
the level of compensation and benefits provided by employers
for the jobs identified as having been created or retained. The
Commission shall meet at least annually at the call of the
chairperson and may hold additional meetings as the chairperson
may determine.
The Department of Revenue shall provide technical
assistance, support staff, and meeting space to the Corporate
Tax Incentive Accountability Commission. The Commission on
Government Forecasting and Accountability shall provide
information and technical assistance to the Corporate Tax
Incentive Accountability Commission upon request.
The Corporate Tax Incentive Accountability Commission
shall report its findings to the Governor and the General
Assembly on or before December 31, 2016. The Commission shall
report to the Governor and the General Assembly on or before
December 31, 2018 on the effectiveness of any legislation
enacted in response to its initial report.
This Section is repealed on December 31, 2019.
Section 99. Effective date. This Act takes effect upon

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becoming law.